The developer is not submitting audited financial statements, and the money it reports paying is not being checked against NHA's records.

Why It Matters

Recommended Actions

• Require the developer to provide yearly audited FS, duly approved financial reports showing detailed income and expense/cost breakdowns to assess the correctness of the remittances made by the developer, in accordance with the profit-sharing agreement from the proceeds of the Residential Pump-Priming Project,

Original Audit Finding Excerpt

"¥. Disclose in the Notes to FS the accrued interest recognized in the books to facilitate sakeholders’ understanding ofthe receivable accounts, vi. Coordinate immediately with the COSDD to enhance the BCS, ensuring the inclusion of controls on all reports needed by the SO/RO/DOs for monitoring purposes and submit these reports to AD for recording, and Image image12.png: d. Require the COSDD to fast-track the enhancement of Billing and Collections System generated Aging Reports and other reports to ensure reliable reporting of financial information and to attain fair presentation inthe FS. For the lapses in the monitoring and recording of PE 7 Perform regular and timely reconciliation between the accounting records and Reports fon the Physical Count of Property, Plant and Equipment/Inventory and Inspection Report of Unserviceable Properties (RPCPPEJIIRUP) in accordance with the relevant COA Circular to promply address any discrepancies; Obtain supporting documents such as Deed of"

Source Document