Dormant NGC Land Property Not Validated
National Housing Authority · 2022
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What Happened?
Category: Financial ManagementIssue: Inadequate DocumentationA multi-million peso land property transferred over a decade ago has remained dormant and unvalidated without proper supporting documents.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"Fast track the enhancement of the BCS on the generation of Aging and other reports that will require reliable financial information/report to attain fair presentation of the accounts in the FS. The existence, accuracy, and completeness of the balance of the Property and equipment (PE) account with carrying amount of P3.692 billion as at December 31, 2022 cannot be ascertained due to several deficiencies noted in the reporting, recording and monitoring of the status of properties as well as establishing property accountability, contrary to the provisions of IPSAS 1, 3, 12 and 17 and International Organization of Supreme Audit Institutions for Guidelines on Internal Control Standards for the Public Sector (INTOSAI GOV 9100), thus, affecting the fairness of presentation of the PE account in the FS. Paragraph 27 of IPSAS 1 on the Presentation of Financial Statements states that: Financial statements shall present fairly the financial position, financial performance and cash flows of an"