Reliance on Outdated Land Valuation for JVA
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Internal ControlThe land was valued in 2006, but the deal was made much later, so the price might have been too low and not fair to the government.
Why It Matters
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Original Audit Finding Excerpt
"Reliance on a 2006 appraisal for a transaction consummated years later, without a new valuation aligned with prevailing market conditions, contradicts sound financial prudence and applicable guidelines, regardless of internal approvals."