Negative Fund Balance for NLEX-SLEX Connector Road Project
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe project fund went into deficit even though only a small portion of the intended beneficiaries were resettled, which is against the rules.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Page 62 of 90 AGENCY ACTION PLAN and STATUS OF IMPLEMENTATION AS AT AUGUST 31, 2025 RESULTS OF COA VALIDATION Ref. (No. in the AAR) Audit Observations Audit Recommendations Agency Action Plan Status of Implementation Reason for Partial/Delay/ Non- Implementation, if applicable Action Taken/Action to be Taken Date of Follow-up Status of Implementation Actual Implementation Date Remarks Action Plan Person/ Department Responsible Target Implementation Date From To From To depositors and determination of the nature of transactions, contrary to Paragraph 27 of IPSAS 1 and Paragraph 3.10 of the Conceptual Framework. b. 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 Not Implement"