Deficiencies in Receivable Accounts Management and Reporting
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThere is no proper policy or manual for tracking and reporting receivables, leading to a doubtful balance of over P61.78 billion. Specific issues include billions in unreconciled discrepancies, negative account balances, and calculation errors.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"NATIONAL HOUSING AUTHORITY Elliptical Road, Diliman, Quezon City AGENCY ACTION PLAN and STATUS OF IMPLEMENTATION Audit Observations and Recommendations For the Years Ended December 31, 2023 and 2022 As of July 31, 2024 (DINU, 74 QU Chg Agency Acticn Plan Reason for Partial/Delay/ Ref. Audit Observations Audit Recommendations Target Implementation Status of Non- Action Taken/Action to be Taken Action Plan Person/Dept. Date Implementation | Implementation, Responsible From To if applicable _| A. FINANCIAL AUDIT T No.1 | The requirements of the | We recommended and Accounting January December International Public Sector Management or cow Department 2025 2025 Accounting Standards (IPSAS) 41 on F’ awial a. Formulate a policy on financial Not The Management, through the Accounting Instrim--* vere not complied | instruments that harmonizes with Implemented Department (AD), shall develop a policy on with, thus, the balances of | the provisions of IPSAS 41 on financial instruments consiste"