Lack of Written Procedural Guideline for Bank Reconciliation
National Housing Authority · 2024
Severity: HighRecommendation: Not Implemented
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency lacks a written procedure for bank reconciliation, which may lead to errors in handling deposits and identifying transactions.
Why It Matters
Recommended Actions
- Develop a written procedural guideline for bank reconciliation and controls to manage unreconciled or reconciling items to facilitate the implementation of standardized reconciliation procedures across all ROs to facilitate consistency and accuracy
Original Audit Finding Excerpt
"depositors and determination of the nature of transactions, contrary to Paragraph 27 of IPSAS 1 and Paragraph 3.10 of the Conceptual Framework."