Absence of manual or policy on receivable accounts
National Housing Authority · 2023
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: Lack of policyThe agency has no written rules for handling receivables, leading to errors and missing records, so the reported receivables cannot be trusted.
Why It Matters
Recommended Actions
- Fast track the preparation of the accounting manual that will serve as a guide for each personnel and/or responsible Unit/Office in the proper and systematic recording, reporting and monitoring of beneficiaries’ transactions aligned with the provisions of applicable IPSAS, to include actions to be undertaken by concerned Offices such that SO/RO/DOs and Corporate Operations and Systems Development Department (COSDD) strictly comply with the timely submission of the required BCS generated reports such as GA/SRs, Schedule of Rebates, SOBAL and ARs to BAPD
- And facilitate the inclusion in the consolidated ARs the demandable accounts for the next 12 months after reporting period and those accounts that are not yet demandable for each project while the COSDD is currently enhancing the system.
Original Audit Finding Excerpt
"Absence of a manual or policy on the manner of recording, reporting and monitoring of the NHA’s receivable accounts, caused several lapses in the presentation of the accounts in the financial statements (FS), thus, rendering the balance of Receivables account totaling P61.784 billion as at December 31, 2023, doubtful, to wit:"