Deficiencies in property and equipment reporting
National Housing Authority · 2022
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What Happened?
Category: Financial ManagementIssue: DeficiencyProblems with how the agency records and tracks its property and equipment made it impossible to verify the accuracy of the reported values.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"(b) reporting, recording and monitoring deficiencies that precluded us to determine the correctness of the reported carrying amount of the Property and equipment (PE) account of P3.692 billion and P4.947 billion as at December 31, 2022 and 2021, respectively."