Dormant assets and liability accounts remained unsettled for 17 to 46 years
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency has old outstanding balances (some over 40 years old) totaling about 297 million pesos that cannot be resolved because the supporting documents are missing. This violates accounting rules and makes it hard to know the true financial position.
Why It Matters
Recommended Actions
- Strict enforcement of proper turnover of accountabilities to maintain records for verification and validation of dormant accounts
Original Audit Finding Excerpt
"Dormant assets and liability accounts with a total gross amount of P297.819 million remained unsettled and outstanding for 17 to 46 years due to lack of supporting documents and financial records, contrary to Paragraph 3.10 of the Conceptual Framework for General Purpose Financial Reporting (Conceptual Framework) and relevant provisions of COA Circular No. 2023-008, resulting in the ..."