Unreconciled Cash in Bank Items
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency's bank account balance in its books is not correct. There are deposits and bank charges that were not recorded, causing the cash balance to be overstated.
Why It Matters
Recommended Actions
- Set up a meeting with bank officers of depository banks to obtain debit and credit memos, along with their supporting documents, pertaining to the reconciling items reflected in the BS
Original Audit Finding Excerpt
"Non-recording or adjustment in the Cash in Bank account as at December 31, 2023 of the reconciling items, resulted in a net overstatement of the account by P740,104, consisting of unrecorded deposits, bank debits/credits, and other book adjustments of P817,197, P1.994 million, Tespectively, in the absence of"