Non-recognition of compromise agreement liability
National Housing Authority · 2024
Severity: HighRecommendation: Unknown
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe NHA agreed to pay a contractor P1.122 billion, but this amount is not recorded in its financial records.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"The amount of P1.122 billion is not yet recognized in the books pending the submission of the claim for settlement to the proper authorities, pursuant to Section 20(1), Chapter IV, Subtitle B, Title I, Book V of EO No. 292."