Non-recording of Property and Equipment
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency did not record some of its property and equipment in the accounting books even though they were counted. This caused the reported assets to be lower than they should be.
Why It Matters
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Original Audit Finding Excerpt
"g. AD: As of June 2024, AD has already recorded property and equipment that were physically counted but not previously recorded in the books of accounts, amounting to ₱35.947 Million out of the ₱73.225 Million."