Unreliable Net Book Value of Land, Infrastructure, and Buildings
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe reported value of land, buildings, and infrastructure could not be verified because of misclassified properties, missing location records, and old broken items still counted on the books.
Why It Matters
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Original Audit Finding Excerpt
"a. The reliability of Land, Other land improvements, Infrastructure assets, and Buildings and other structures with a total net book value of P2.412 billion, cannot be ascertained due to: 1) misclassification of properties as PE but designated as housing sites/community facilities being occupied and enjoyed by beneficiaries or available for sale, totaling P2.402 billion; 2) absence of supporting documents identifying the location of properties, totaling P9.395 million; and 3) inclusio n of unserviceable properties, which are fully depreciated and dilapidated in status totaling P809,098, in the balance of PE."