Incomplete Submission of Monthly Schedule of Rebates
National Housing Authority · 2024
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What Happened?
Category: Financial ReportingIssue: Non-complianceSeveral regional offices failed to submit monthly rebate schedules, resulting in overstated receivable accounts and understated rebate expenses.
Why It Matters
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Original Audit Finding Excerpt
"The same observation as in previous year was noted regarding the non-submission of the Monthly Schedule of Rebates for CY 2024 by the ROs V, VIII, IX, XII, and XIII to the AD-BAPD, which serves as the basis for the recording of rebates, resulting in an overstatement of the Receivable accounts and understatement of Rebates expense."