Unrecorded cancelled awards due to defaulted payments
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Unrecorded transactionsThe agency did not record the cancellation of some housing awards, so its receivables are too high and inventory and deferred income are too low.
Why It Matters
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Original Audit Finding Excerpt
"NCR East Sector Office submitted the Report of Cancellation of Awards for 11 accounts under Teacher’s Bliss Condominium (TBC) II - MRH for CY 2023. However, the cancellations of awards were not recognized in the books, thereby overstating the Receivable accounts and understating the corresponding Merchandise Inventory and Other Deferred Credits-Deferred Gross Profit accounts."