Dormant Assets and Liability Accounts Unsettled
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceOld assets and liabilities have sat on the books unresolved for years due to missing paperwork, casting serious doubt on whether these funds or debts actually still exist.
Why It Matters
Recommended Actions
- Enhance the memorandum issued to RO/SO/DO offices by including a detailed matrix or schedule of total outstanding dormant accounts, including all inter-agency fund transfers to LGUs per RO/SO/DO offices
Original Audit Finding Excerpt
"No.6 | Dormant assets and liability | We reiterated our | The Accounts Accounting July 2024 | December Update: accounts with a net amount of | recommendations from the | Management Department 2024 P293.273 million remained | previous year, with modifications, | Division (AMD) AMD: Quarterly update on Status of Dormant unsettled and outstanding for | that Management require: issues a quarterly Accounts based on the submissions of AD 16 to 45 years due to lack of memorandum __ to and ROs."