Non-Moving Trust Liability Accounts
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency has old trust fund accounts that have not been updated or closed, which makes its financial reports inaccurate.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"The Trust liabilities account included eight non-moving and long outstanding subsidiary accounts amounting P49.735 million as at December 31, 2023 due to non-preparation of SRDs, among others, affecting the fair presentation of the account in the financial statements, contrary to Item 4.9 of COA Circular No. 94-013."