Lack of Policy for Receivables Accounting and Reporting
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe organization does not have a clear written procedure for handling receivables, which caused errors in how they were reported and made it uncertain whether the reported amounts are accurate.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"‘The absence of a manual or formal policy on the accountng, reporting, and monitoring (of the Receivables account resulted in several lapses in'the presantaton of said Account, with balances totaling P68.028 billon and P4.566 bilion as at December 31, 2024 and 2023, respectively thereby casting doubl on the reliably of the Receivables and related accounts,"