Misclassification of Past Due and Demandable Accounts
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceSome receivables that are already due or will be due soon were incorrectly classified as long-term, and the system cannot properly report accounts that are not yet due, making the amounts unreliable.
Why It Matters
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Original Audit Finding Excerpt
"Past due and demandable accounts of beneficiaries amounting to P43.922 million and an undetermined amount due within the next 12 months were misclassified under noncurrent receivable account, while the balance of the accounts that are not yet due and demandable are doubtful due to the absence of a BCS’s utility program that would report a complete and accurate not yet due and demandable accounts."