Incomplete recording of approved Group Award/Sales Reports (GA/SR)
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Incomplete recordingThe accounting department missed recording many sales awards, so the receivables are too low and inventory and deferred income are too high.
Why It Matters
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Original Audit Finding Excerpt
"Examination of awarded sale transactions reported in the SREG for CY 2023 of SO/RO/DOs revealed that the series of SR were not sequentially recorded in the books, with an estimated 627 lacking series."