Loan Receivables Without Supporting Agreements
National Housing Authority · 2023
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Financial ManagementIssue: Non-complianceThe NHA recorded loan receivables without proper loan agreements for community-based housing projects, violating accounting standards.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Agency Action Plan Reason for 7 Partial/Delay/ Ref. Audit Observations Audit Recommendations . Target Implementation Status of Non- Action Taken/Action to be ‘ Action Plan Person/Dept. Date Implementation Implementation, Taken , Responsible To if applicable c. Enforce collection of Not Implemented amortizations from awardees; d. Reconcile the balance of Not Implemented liability from NHMFC with NHMFC records and recognize accrued interest; e. Revisit the policy on the Not Implemented prohibition of sale of awarded housing units to third parties; and f. Hasten the plan to save the Not Implemented MRBs to provide a safe place to live for the beneficiaries and avoid greater loss of life and property in case of occurrence of earthquake. CY 2021 Out of the revised target | For the low occupancy and slow The tenor of the AAR housing units (HUs) of 212,618 | pace of transfer of turnover of 7 i Observation | under the Yolanda Permanent | completed housing units, we recommendation is the No. 15"