New Audit Of HUD Reveals Half A Trillion Dollars Lost During Two Years Of Obama Administration
Wait until the other departments are audited.
An excerpt from page 3:
This report presents our reissued independent auditor’s report on HUD’s
fiscal years 2016 and 2015 (restated) consolidated financial statements, including an update to
our report on HUD’s internal controls.What We Found
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.”
Source: http://therealrevo.com/blog/?p=158522
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