Insufficient details and lack of appraisal for land acquisition account
National Housing Authority · 2022
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency has not properly documented the land acquisition account, and there is no independent valuation or itemized breakdown, so auditors cannot verify the amounts or make needed corrections. This issue has persisted for 17 years without action.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"There has been no initiative to request from HGC the breakdown and details of the NGC GL accounts. Thus, audit procedures cannot be performed and accordingly, necessary adjustments to the accounts cannot be determined."