We couldn't verify the reported values of property and equipment (P3.810 billion in 2023 and P3.692 billion in 2022) because the entity had problems with how it recorded, reported, reconciled, and monitored these assets. The records were so poor that we couldn't do other checks to confirm the amounts.

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Original Audit Finding Excerpt

"National Housing Authority Elliptical Road, Diliman ‘Quezon City Report on the Audit of the Consolidated Financial Statements. Adverse Opinion We have audited the consolidated financial statements of National Housing Authority (NHA), which comprise the consolidated statements of financial position as at December 31, 2023 and 2022, and the consolidated statements of financial performance, consolidated statements of changes in net assets/equity, statements of cash flows, statement of comparison of budget and actual amount for the years then ended, and notes to consolidated financial statements, including a summary of significant accounting policies. In our opinion, because of the significance of the matters discussed in the Bases for Adverse Opinion section of our report, the accompanying consolidated financial statements do not present fairly the financial position of the NHA as at December 31, 2023 and 2022, and its financial performance and its cash flows for the years then ended"

Source Document