Incomplete Submission of Monthly Schedule of Rebates
National Housing Authority · 2022
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What Happened?
Category: Financial ManagementIssue: Non-complianceSeveral regional offices failed to submit their monthly rebate schedules, which resulted in inflated receivable balances and understated rebate expenses in the financial statements.
Why It Matters
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Original Audit Finding Excerpt
"The same observation in the previous year was noted on the non-submission of Monthly Schedule of Rebates for CY 2022 by the ROs II, IV, VII, IX, XII and XIII to the BAPD, which was used as basis for recording rebates, causing overstatement of the Receivable accounts and understatement of Rebates expense."