Misclassification of Properties and Assets Not Qualifying as PPE
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency recorded land and buildings as property and equipment even though they are meant for housing, sale, or are not used in operations, which makes the financial statements inaccurate.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"misclassification of properties as PE but designated as housing sites/community facilities being occupied and enjoyed by beneficiaries or available for sale, totaling P2.402 billion"