Overstatement of Housing Units and Land Accounts
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency recorded housing units and land as inventory and future projects, but these were actually occupied and should have been treated differently, causing the financial statements to be inaccurate.
Why It Matters
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Original Audit Finding Excerpt
"The recognition of the housing units in NHA's books as Inventory held for manufacturing and land as Land for future projects in NGC's books overstated the accounts in both books considering that the LRB housing complex administered by NGC and funded by NHA has been fully occupied since CY 2017 even in the absence of appropriate documents."