The auditor found serious problems in the financial statements, so they gave a negative opinion. Because of these problems, they also refused to give an opinion on the extra information provided.

Why It Matters

Recommended Actions

No recommendations are available for this finding yet.

Original Audit Finding Excerpt

"Conduct and Ethical Standards for Commission on Audit Officials and Employees (Code of Ethics) together with the ethical requirements that are relevant to our audit of the financial statements in the Philippines, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our adverse opinion. Emphasis of Matter We draw attention to Note 2.e to the consolidated financial statements, which discloses the expiration of the NHA’s corporate existence in CY 2025, or 50 years from its creation ‘on July 31, 1975. The House of Representatives approved on May 15, 2024, House Bill No. 10172, an act strengthening the National Housing Authority, extending its corporate term and rationalizing its programs to address the housing needs of underserved segments for a period 25 years, and subsequently submitted to the Senate on May 20, 2024."

Source Document