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.
‘not one smidgen of scandal’ ping
It would have been nice if the article gave some idea of the big cause of the problem instead of listing audit deficiencies. Since most of that is in HUD notes, it looks like they lost control of their lending programs.
Its the engine that gives them power no doubt.
1913 was a very bad year for our republic. What is left of it.
Serious jail time for the miscreants.
A few well-placed heads on pikes will do wonders for the performance of those who know they are guilty and could be next...
Nope.
It was Command Intention that loans be given to totally unqualified buyers who would never be able to pay them off.
The sellers and banks get taxpayer funds, the borrowers temporarily have a place to live and the banks ends up with the money AND the property to resell. It's win win win win for everyone but the taxpayer!
“One more slush fund for white liberal elites and their black pets...”
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Interesting description,and most blacks refuse to see it that way.
Sad !
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Improper accounting Obama winks takes boat trip countries with big banks?.
I think the black community is waking up to what white liberal elites have done to them...
I remember it.
Sounds criminal to me
More winning, Go Carson’s go
I guess some of the accountants don't like ‘zeros”, and it just goes to prove the old expression "close enough for government work"...:^)
For example, the OIG said at least $119 billion in errors were due to incorrect rounding.
“We found several instances in which rounding was performed to the nearest billion and hundred billion, while OMB Circular A-136 requires the highest level of rounding to be at the nearest million,” the report said.
This is why there were no budgets. The Obama administration was the world’s largest theft to date.
>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.
Then hand it over to the DOJ where Jeff “I know nothing” Sessions refuses to prosecute it.
> I seem to recall Ben Carson talking about this shortly after he was confirmed as HUD Secretary earlier this year.
Ben read the audit reports the media refuses to talk about it. Everyone in DC knew that Obama was using the Federal government to fund the left at every level.
The Democrats have to get the money from somewhere to pay for their condos in Kauai.
This story came out a year ++ back. The 42% of the entire HUD budget could NOT be accounted for. They hand out cash to ‘families with problems’ & could not account for that.
I am a life long bookkeeper/ accounting person. IF I EVER tried to present such financials to any client, I would be prosecuted.
The Inspector General in the story I remember refused to sign anything off because there was so much unaccounted for in their ‘records’.
Under Obama, not accounting for money given to the ghetto crowd seems to have been another arm of the slush fund.
Someone has to be jailed for this behavior.
How did Obama become a multimillionaire in the eight years he was president? Did he skim stimulus money? or HUD money? How did he do it??
2009 would be worse. Audit Agriculture to see where all the Acorn payoffs went. Billions there too.
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