Deficiencies in Recording, Reporting, and Reconciliation of Property and Equipment Accounts
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceProperty and equipment accounts worth billions had errors, missing documents, and unrecorded items, making financial reports unreliable.
Why It Matters
Recommended Actions
- Ascertain the complete recording of the GA/SRs by checking the sequential series of the approved GA/SRs as well as cancelled awards and Schedule of Rebates for each project prior to the preparation of the SRR;
Original Audit Finding Excerpt
"Several deficiencies noted on the recording, reporting, reconciliation and monitoring of the status of Property and Equipment (PE) accounts with a consolidated carrying value of P3.810 billion cast doubt as to its accuracy, completeness, and existence, con trary to the relevant provisions of IPSAS 1 and 17, thereby affecting the fair presentation of the financial statements."