Long-outstanding advances to contractors not recouped
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency gave money to contractors as advance payments, but the contracts were cancelled or stopped, and the agency hasn't gotten the money back for over five years. This means the agency might lose that money.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Advances to contractors represent the 15 per cent advance payment for mobilization that has not yet been recouped due to the termination, suspension, or rescission of contracts. These advances have been non-moving for five years or more."