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.
Am I imagining things now or did that really happen? ....It happened, but not quite to this amount. That’s why the bastards have been after Ben.
Financial irregularities have existed at HUD for years, under both Republican and Democratic administrations.
Invest in gallows and guillotines. There many criminal traitors at all levels of government .
Errors? More accurately fraud and theft.
Ben Carson announced this months ago.
I honestly don’t know how our President can stand to get out of bed in the morning and hear more news like this... but God bless him and keep him safe for fighting the good fight.
Thanks bitt. And Hitlery never ran that department. ;^)
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