Lack of Insurance Coverage, Formal Policy, and Deficiencies in Asset Valuation
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency does not have a formal written insurance policy, leaving properties uninsured and vulnerable to losses without proper GSIS coverage, and existing insurance valuations use book values instead of proper appraised values.
Why It Matters
Recommended Actions
- Identify all insurable properties for each ROs/SOs and ensure that adequate insurance coverage is provided on the assets;
Original Audit Finding Excerpt
"The consolidated PIF showed that Region IX did not request insurance coverage for the assets located within its jurisdiction, despite possessing insurable assets as identified in the lapsing schedule for Property and Equipment."