Dormant Assets and Liability Accounts Remained Unsettled for 17 to 46 Years
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency has old, inactive accounts worth nearly P300 million that have been sitting for decades without proper documentation. These accounts may not be real or collectible, and the agency did not take advantage of a government program to clean them up. This makes the financial statements unreliable and risks losing public funds.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"Dormant assets and liability accounts with a total gross amount of P297.819 million remained unsettled and outstanding for 17 to 46 years due to lack of supporting documents and financial records, contrary to Paragraph 3.10 of the Conceptual Framework for General Purpose Financial Reporting (Conceptual Framework) and relevant provisions of COA Circular No. 2023-008, resulting in the inclusion of accounts with doubtful existence."