Absence of Impairment Assessment Policy
National Housing Authority · 2023
Severity: ModerateRecommendation: Unknown
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency has no rules for checking if its assets have lost value, so the reported values may be too high.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"However, scrutiny of existing MCs, and inquiry with AD revealed that the NHA does not have an established policy for the assessment of impairment on PE, as required per Paragraphs 22 and 26 of IPSAS 21 on Impairment of Non-cash Generating Assets."