Posted on 11/05/2017 7:21:51 AM PST by markomalley
The 2015 and 2016 Fiscal Years HUD audit needed to be restated and reissued. The auditors were not able to initially perform the audit because there were too many material issues and the audit needed to be redone –
HUD reissued its fiscal years 2016 and 2015 (restated) consolidated financial statements due to pervasive material errors that we identified.
The restated audit report shows the following –
The total amounts of errors corrected in HUD’s notes and consolidated financial statements were $516.4 billion and $3.4 billion, respectively. There were several other unresolved audit matters, which restricted our ability to obtain sufficient, appropriate evidence to express an opinion. These unresolved audit matters relate to (1) the Office of General Counsel’s refusal to sign the management representation letter, (2) HUD’s improper use of cumulative and first-in, first-out budgetary accounting methods of disbursing community planning and development program funds, (3) the $4.2 billion in nonpooled loan assets from Ginnie Mae’s stand-alone financial statements that we could not audit due to inadequate support, (4) the improper accounting for certain HUD assets and liabilities, and (5) material differences between HUD’s subledger and general ledger accounts. This audit report contains 11 material weaknesses, 7 significant deficiencies, and 5 instances of noncompliance with applicable laws and regulations.
Auditors always have enough information to express an opinion and so for the auditors not to be able to express an opinion shows the results were terrible.
Plus the Office of General Counsel’s refusal to sign the management representation letter is also appalling. The attorneys inability to sign the management letter is a clear indication that the HUD’s books are in error.
Obama appointed far left Democrat Julian Castro to lead the agency in 2014.
President Barack Obama listens as he is introduced by new Housing and Urban Development Secretary Julian Castro, Thursday, July 31, 2014, at the Housing and Urban Development Department in Washington.
Yeah, no scandals in the Obama administration...
....Yet, year end bonuses & ‘merit pay’ will still be given out. Fired? P-L-E-A-S-E.
Million or billion? For the first year.
Embezzle we much?
HUD was a giant slush fund for the Democrats - Trump needs to have every dollar traced back to the crooked Dem schemes and people that absorbed all this cash.
That just ONE government agency. There needs to be audits on every government department.
BTW, Hellary, where’s those billions you lost while Sec. of State?
I guess they can’t tell us what exactly happened, but something sure isn’t adding up.
Now we know where all that community organizing payola came from.
Inept CPA’s did the audit? Or willfully corrupted auditors?
Our massive debt, in printed, unbacked, fiat Federal Reserve dollars is the absolute foundation of the Left and their progressive nanny-state.
They couldn’t exist without it.
Am I imagining things now or did that really happen?
People would also be perp walked to jail, indicted for crimes and congressional hearings would ensue.
Think: ENRON.
Yet, our Government gets away with this.........
Democrats had control of Congress for eight years. 2006-2014. Between the leftist/Democrat “Deep State” control of government administrative activities, and their spending, as well the eight years Democrat Congress doing as they damned well pleased with spending, spending, spending it’s not a wonder Billions of dollars are not accounted for today.
To a Democrat money is something that you simply print, and spend for whatever you want.
When one of them goes broke the only reason for it is always somebody else took it.
“Yeah, no scandals in the Obama administration...”
I suspect that if the government’s books were managed like a corporation’s we would learn the Obama administrations spent billions of dollars that were never appropriated by Congress. This alone would be an impeachable offense.
Unfortunately Congress long ago abdicated its oversight role and many of its powers to the Executive and Judiciary branches. The press is no longer independent or free so it no longer seeks out corruption. Media investigations today are all politically motivated.
So which DEMOCRAT groups was the money funneled to? Hopefully Carson gets the damn bank records and finds out.
One more slush fund for white liberal elites and their black pets...
The article says the audit had to be redone... Doesn’t look like it helped.
Find the pockets in which it landed; jail the wearers of the pocketed garments.
To be sure 0banger and his minions funneled to some terrorist shithole and called it aid for human rights
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