Inadequate Reporting and Evaluation of Unapplied Collections
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency failed to properly track and report certain collections, causing errors in its financial statements. This led to overstating liabilities and understating revenues by about P579 million.
Why It Matters
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Original Audit Finding Excerpt
"Inadequacy of systematic reporting, coordination and evaluation of the unapplied collections for 484 project accounts amounting to P579.355 million lodged in Other Deferred Credits - Deposit Liabilities, a temporary account, from CYs 1994 to 2021 resulted in the overstatement of the Other Deferred Credits-Deposit Liabilities by P579.345 million and overstatement of Receivables and understatement of Revenue accounts by the same amount as at December 31, 2021."