Dormant Accounts Payable without Breakdown
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: Non-complianceThe company has a large amount of money listed as accounts payable that has not changed for many years, and there are no details to support what it is for. This is a red flag because it might be outdated or incorrect, and the company should investigate and clear it out.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"The Accounts payable consists of P296.904 million in NGC, which has no breakdown and has been dormant since its transfer from the HGC Controllership Department to NHA in CY 2005 based on the Audited Financial Statements and Schedules as of March 31, 2005."