Failure to Identify and Insure All Assets and Provide Appraised Values
National Housing Authority · 2024
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What Happened?
Category: ComplianceIssue: Non-complianceThe agency did not list all its properties for insurance and did not provide the required value estimates, so if something happens, the government might not get compensated.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"The Authority was unable to identify all assets required to be insured and did not provide the necessary appraised values in the preparation and submission of the Property Inventory Form (PIF), contrary to Section 5 of RA No. 656, otherwise known as the Property Insurance Law, and Item 5.1 of COA Circular No. 2018-002 dated May 31, 2018, consequently, rendering the Authority vulnerable to potential losses from theft, robbery, fire, earthquake, storm, and other unforeseen events."