Unrecorded Assets in NHA Corporate and Business Centers Due to Absence of Supporting Documents
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceNHA received two buildings worth about P48 million from a developer as payment, but they are not recorded in the financial statements because the paperwork is incomplete.
Why It Matters
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Original Audit Finding Excerpt
"Each government agency shall record its financial transactions and operations conformably with generally accepted accounting principles and in accordance with pertinent laws and regulations. As at December 31, 2024, the consolidated carrying value of PE in the books of accounts which include PEs under the NHA (Main Office), Comprehensive and Integrated Shelter Financing Act (CISFA), NGC and Pinatubo Project Management Office (PPMO), totaled P1.981 billion. Details are as follows: Table 2.1 Schedule of Consolidated Carrying Value of PE Account Review of the financial records, corroborated with the Notes to FS revealed that the Land account consists of: (a) Housing and community development administrative site, which represents the cost of the land utilized as administrative sites for project offices of NHA, staff buildings, and livelihood centers; and (b) Land assembly for future projects, which represents the cost of undeveloped lots acquired for eventual development or redevelopmen"