Unreconciled Variance Between Book Balances and Physical Count of Property, Plant, and Equipment
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe amount of property and equipment recorded in NHA's books does not match what was actually found during physical counting. The difference was about P132 million in 2024 and P49.5 million in 2023, meaning the records are inaccurate and need to be reconciled.
Why It Matters
Recommended Actions
- Perform regular and timely reconciliation between the accounting records and Reports on Physical Count of Property, Plant and Equipment/Inventory and Inspection Report of Unserviceable Properties (RPCPPE/IIRUP) in accordance with the relevant COA Circular to promptly address any discrepancies
Original Audit Finding Excerpt
"unreconciled variance of P131.987 million and P49.458 million for CYs 2024 and 2023, respectively, noted between the book balances and the Report on the Physical Count of Property, Plant, and Equipment"