Incomplete submission of Monthly Schedule of Rebates
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Incomplete submissionSome regional offices failed to send the required rebate reports, so the agency's receivables are overstated and rebate expenses are understated.
Why It Matters
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Original Audit Finding Excerpt
"The same observation as the previous year was noted regarding the non-submission of the Monthly Schedule of Rebates for CY 2023 by the ROs VII, VIII, IX, XII, and XIII to the AD-BAPD, which serves as the basis for recording rebates, resulting in the overstatement of the Receivable accounts and understatement of Rebates expense."