Non-Moving and Long Outstanding Trust Liability Accounts
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe NHA has old trust fund balances that haven't been used or returned to the agencies that gave them. Some of these funds have been sitting for years without proper records, which is against the rules. They need to be liquidated or returned.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"The Trust liabilities account included eight non-moving and long outstanding subsidiary accounts amounting P49.735 million as at December 31, 2023 due to non-preparation of SRDs, among others, affecting the fair presentation of the account in the financial statements, contrary to Item 4.9 of COA Circular No. 94-013."