The agency failed to properly record and report transactions related to the SSS Dormitory and Apartment Loan Program. This includes not recognizing receivables and payables, misclassifying properties, not reconciling accounts, and not setting aside allowances for potential losses, leading to inaccurate financial statements.

Why It Matters

Recommended Actions

• Recognize the receivables from mortgagors and payable to SSS in accordance with Section 16 of IPSAS 29;

Original Audit Finding Excerpt

"Agency Action Pian Reason for = 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 From To if applicable respectively, which are either The RO submitted the PEs that for sale, already donated o7 d. Performing necessary Region 9 Not implemented were not yet recorded with AD, i.e, distributed, destructed, | activities that will not only Deed of Reconveyance, PAR/ICS housing sites or have unknown /| provide fair presentation of the Region 10 for managerial table, laptop intended use, are recorded in | PE accounts in the books but Desktop computer, Mitsubishi the PE account, contrary to the | also serve the best Region 11 Strada, and Property and relevant provisions of IPSAS | interest/benefit for the Equipment Return Slip for 12 and 17, resulting in the | government. Such activities Region 12 Computer Set in RDTF Reg2- overstatement of"

Source Document