Unreconciled Balances and Unrecorded Property and Equipment
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency's property records do not match physical counts, and some properties are not recorded because supporting documents are missing.
Why It Matters
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Original Audit Finding Excerpt
"On the unreconciled balances, discrepancies between physical counts and accounting records were identified by the AD. These discrepancies were communicated to the concerned offices, and memoranda were sent to nine ROs. By March 31, 2024, AD had recorded P17.297 million in unrecorded property and equipment and dropped P2.346 million in unaccounted items based on submitted reports."