Misclassification of Receivables and Inadequate Monitoring
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceSome overdue receivables were put in the wrong category (long-term instead of short-term), and the company lacks a proper system to track and report these accounts, so the financial statements are not accurate.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Past due and demandable accounts of beneficiaries amounting to P43.922 million and an undetermined amount due within the next 12 months were misclassified under non-current receivable account, while the balance of the accounts that are not yet due and demandable are doubtful due to the absence of a BCS’s utility program that would report a complete and accurate not yet due and demandable accounts."