Misclassification of Past Due and Demandable Accounts
National Housing Authority · 2022
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Financial ManagementIssue: MisclassificationOverdue accounts that should be collected immediately were incorrectly classified as long-term assets rather than short-term assets.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Past due and demandable accounts of beneficiaries amounting to P1.456 billion and undetermined amount due within the next 12 months were misclassified under non-current account, while the accounts that are not yet due and demandable is doubtful due to the absence of BCS’s utility program that will report a complete and accurate not yet due and demandable accounts."