Dormant GL Accounts with Unreconciled Balances and Lack of Documentation
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency has old accounts from 2005 that have not been updated or reconciled. Some accounts have no supporting details, and there are discrepancies with other agencies. This makes it impossible to verify the accuracy of the financial statements.
Why It Matters
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Original Audit Finding Excerpt
"Comparison of account balances at the time of transfer in CY 2005 with those as at December 31, 2024, revealed that no transactions or movements have occurred over the past 19 years. Receivables remain uncollected, liabilities have neither been settled nor confirmed, and land assets have not been reconciled with their corresponding Transfer Certificates of Title (TCTs) nor subjected to valuation. Furthermore, interest and other financial charges have not been validated or recorded in the books of the NGC."