Overstatement of Merchandise Inventory and Land and Building Accounts
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe value of completed properties for sale was recorded too high by P196 million, because the building was not in a condition to be sold or occupied as required.
Why It Matters
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Original Audit Finding Excerpt
"Merchandise Inventory - completed development for sale for land and building accounts are overstated by P196.002 million as at December 31, 2021, considering that the building could no longer be awarded or occupied as ordered by Quezon City Department of Building Official."