Unauthorized Remittance of Provident Fund Employer's Share
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: Non-complianceNHA remitted millions for the Provident Fund employer's share without required approval from the Office of the President.
Why It Matters
Recommended Actions
- Immediately collect from PFAI the remitted PF employer’s share for officers and employees
- And Amend Section 4.7 NHA MC No. 2022-064.
Original Audit Finding Excerpt
"ngency Action Plan Reason for . . ; | Target Implementation Partial/Delay/ . . Ref. Audit Observations Audit Recommendations Action Plan Person/Dept. Date Status of Non- Action Taken/Action to be Taken Responsible Implementation | Implementatio From To n, if applicable No. | The lack of clear delineation | We recommended and Legal July 2025 December NHA Memorandum Circular No. 2024-036 dated May 18 of responsibilities between | Management agreed to Require Department 2025 30, 2024, regarding the delineation of responsibilities the Legal and Treasury | LD to: between the Legal and Treasury Departments, was Departments in managing a. Request from the respective Treasury Not Implemented approved and signed by the General Manager. The 56 bank accounts with aj| Courts the approval of the Department Circular clearly establishes that the Treasury private bank related to | transfer/closure of deposits Department is responsible for the opening and closing expropriation cases has | maintained"