Absence of Manual/Policy on Accounting for Receivables
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency does not have a proper set of rules for handling its receivables, which makes it unclear if the reported amount of money owed to them is correct.
Why It Matters
Recommended Actions
- Fast track the preparation of the accounting manual that will serve as a guide for each personnel and/or responsible Unit/Office to cautiously comply with proper and systematic recording, reporting, and monitoring of beneficiaries’ transactions aligned with the provisions of applicable International Public Sector Accounting Standards
Original Audit Finding Excerpt
"Absence of a manual or policy on accounting, reporting, and monitoring of the National Housing Authority's (NHA) receivable accounts caused several lapses in the presentation of accounts in the financial statements (FS), thus, rendering the accuracy of the Receivables account totaling P63.641 billion as at December 31, 2024, doubtful;"