Property and Equipment Account Balances Not Ascertainable
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency cannot verify the accuracy of its property and equipment records, which means the financial statements may be misleading.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"The existence, accuracy, and completeness of the balance of the Property and equipment (PE) account with carrying amount of P3.692 billion as at December 31, 2022 cannot be ascertained due to several deficiencies noted in the reporting, recording and monitoring of the status of properties as well as establishing property accountability, contrary to the provisions of IPSAS 1, 3, 12 and 17 and International Organization of Supreme Audit Institutions for Guidelines on Internal Control Standards for the Public Sector (INTOSAI GOV 9100), thus, affecting the fairness of presentation of the PE account in the FS."