Misclassified Items in PPE Records
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Internal ControlThe agency has some assets that are recorded under the wrong category, making it hard to manage them properly.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"Also included in the RPCPPE are the misclassified items costing P5.005 million with carrying value of P3.053 million, thereby showing inconsistencies in the classification of PE items between the books and RPCPPE that may result in difficulties in tracking and managing assets."