Inaccurate Presentation of NGC Accounts in Financial Statements
National Housing Authority · 2024
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What Happened?
Category: Financial ReportingIssue: Non-complianceFor many years, the agency has been reporting some of its accounts incorrectly in its financial statements. This violates accounting rules and makes it hard for readers to trust the financial information.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"Since CY 2005, eight of the 30 accounts of the NGC have been inaccurately presented in the FS, in breach of IPSAS 1 – Presentation of Financial Statements and the provisions of Chapters 2 and 3 of PD No. 1445."