Unascertainable Property and Equipment Balances Due to Recording and Monitoring Deficiencies
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Internal Control DeficiencyNHA's property and equipment balances (P3.810 billion in 2023 and P3.692 billion in 2022) may be wrong because of problems in how they were recorded, reported, reconciled, and monitored. The auditors could not check the numbers because the records were not good enough, so they could not tell if any corrections were needed.
Why It Matters
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Original Audit Finding Excerpt
"the correctness of the reported consolidated carrying amounts of the Property and Equipment account of P3.810 billion and P3.692 billion as at December 31, 2023 and 2022, respectively, cannot be ascertained due to the noted recording, reporting, reconciliation, and monitoring deficiencies."