Absence of Policies for Establishing Individual Accountability in Asset Management
National Housing Authority · 2024
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What Happened?
Category: Asset ManagementIssue: Internal Control DeficiencyDue to a lack of proper policies and asset tracking, donated equipment and assets have deteriorated in condition and serviceability without clear individual accountability.
Why It Matters
Recommended Actions
- Conduct regular physical inspections to ascertain the existence, completeness, and true condition of the semi -expendable donated assets, promptly identifying any assets which are idle or deteriorating;
Original Audit Finding Excerpt
"The absence of policies and procedures for establishing individual accountability in asset management has resulted in poor maintenance and inadequate monitoring of the semi-expendable donated assets have led to the deterioration of its condition and serviceability, contrary to Sections 101(1), 105(1), 123 and 124 of PD No. 1445 and COA Circular No. 2022-004 dated May 31, 2022."