Discrepancies in Inter-Agency Receivables and Payables
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Accounting ErrorFinancial records for receivables and payables did not match the amounts confirmed by partner agencies, raising doubts about the accuracy of the financial reports.
Why It Matters
Recommended Actions
- A. The AD to regularly coordinate with Bureau of Treasury (BTr) and other concerned agencies to determine the cause/s of discrepancy and effect necessary adjustments, if any, to arrive at reconciled balances;
Original Audit Finding Excerpt
"The balances of Receivables/Inter-Agency Receivables and Payables accounts per books differed by P1.881 billion and P88.555 million, respectively, against the balances confirmed by the implementing and source agencies casting doubt on the accuracy and reliability of the year-end balances."