Unreliable Receivables Balances Due to Absence of Recording, Reporting, and Monitoring Manual
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: DeficiencyBecause there was no proper manual for handling receivables, the reported amounts for receivables (P64.691 billion in 2023 and P47.050 billion in 2022) are not reliable, and we doubt they are correct.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"Moreover, the absence of a manual on the manner of recording, reporting, and monitoring of NHA's receivable transactions resulted in several lapses in the presentation of the Receivables account balances totaling P64.691 billion and P47.050 billion as at December 31, 2023 and 2022, respectively. This rendered doubtful the balances of the Receivables and related accounts."