Non-Moving and Long Outstanding Trust Liability Accounts
National Housing Authority · 2024
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Financial ManagementIssue: Accounting DeficiencyFinancial records included stale and inactive trust liability accounts totaling P49.735 million because required subsidiary records were not properly prepared, distorting the financial statements.
Why It Matters
Recommended Actions
- Liquidate and/or return the unused fund including the interest thereof to the Source Agency for those trust liability accounts which are non-moving and had already been completed;
Original Audit Finding Excerpt
"The Trust liabilities account included eight non-moving and long outstanding subsidiary accounts amounting P49.735 million as at December 31, 2023 due to non -preparation of SRDs, among others, affecting the fair presentation of the account in the financial statements, contrary to Item 4.9 of COA Circular No. 94 -013."