Failure to recognize assets physically counted but not recorded
National Housing Authority · 2024
Severity: HighRecommendation: Unknown
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What Happened?
Category: Financial ManagementIssue: DeficiencySome assets exist and were counted, but they are not in the accounting records, so they need to be added.
Why It Matters
Recommended Actions
- Recognize in the inventory report and financial records the assets that have been physically counted but not recorded, based on available information and documentation in accordance with COA Circular No. 2020-006;
Original Audit Finding Excerpt
"Recognize in the inventory report and financial records the assets that have been physically counted but not recorded, based on available information and documentation in accordance with COA Circular No. 2020-006;"