Failure to derecognize non-existing PE items
National Housing Authority · 2024
Severity: HighRecommendation: Unknown
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What Happened?
Category: Financial ManagementIssue: Non-complianceSome property items that no longer exist are still recorded in the books, and they need to be removed.
Why It Matters
Recommended Actions
- Coordinate with the concerned Offices and derecognize non-existing PE items in the books of accounts in accordance with COA Circular No. 2020-006;
Original Audit Finding Excerpt
"Coordinate with the concerned Offices and derecognize non-existing PE items in the books of accounts in accordance with COA Circular No. 2020-006,"