"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams

Sunday, October 22, 2017

$500 Billion in Accounting "Errors" found in HUD Audit

"Corruptus in Extremis"
They don't cut spending because there
would be less money to steal

  • Don't worry, I am sure Congress will hold "hearings" where members can pretend to express their "outrage" over the horrors of bad management. 
  • But no one will go to jail . . . no one EVER goes to jail. The corruption just goes on and on and on.

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 reports the Gateway Pundit.
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.
Read More . . . .

1 comment:

Anonymous said...

HUD to you to pos***