Fully Depreciated Assets Still in Use with Residual Value
National Housing Authority · 2024
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What Happened?
Category: Asset ManagementIssue: Non-complianceWe have old equipment that is fully written off but still being used, and it still has some value that we are not accounting for properly.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Fully depreciated PE, such as office equipment, information technology equipment, motor vehicles, and other PE acquired in CYs 1977 to 2018 that are still in use, are still reported unless disposed of or destroyed. These assets have an aggregate residual value of P66.814 million as at December 31, 2024."