Loans Payable with No Breakdown and Dormant Balances
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe company has old loan balances that have not been itemized and have not been paid or updated for many years.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Loans payable includes the non-moving balance of Due to DPWH amounting to P118.615 million and Due to NHMFC amounting to P75.500 million in NGC which has no breakdown and has been dormant since its transfer from the HGC to NHA in CY 2005 based on the Audited Financial Statements and Schedules as of March 31, 2005."