Dormant Loans Payable with No Breakdown
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency has old loan balances that have not changed and lack detailed breakdowns, which may indicate incomplete records or unresolved transactions.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Loans payable includes the non-moving balances of Due to DPWH amounting to P118.615 million and Due to NHMFC amounting to P75.500 million in NGC, which has no breakdown and has been dormant since its transfer from the Home Insurance and Guaranty Corporation (now PHILGUARANTEE) to NHA in CY 2005 based on the Audited Financial Statements and Schedules as at March 31, 2005."