U.S. Department of Housing and
Urban Development: “The total amounts of errors corrected in HUD’s notes and consolidated financial statements were
$516.4 billion and $3.4 billion, respectively.”
of Housing and Urban Development’s (HUD’s) financial books are in such
bad shape that HUD’s Inspector General (IG) can’t complete an audit even
after HUD officials corrected $520 billion in bookkeeping errors,
according to a new IG report.
Officials at HUD fixed $3.4 billion
in errors from its 2015 books and $516.4 billion in errors from its 2016
books after the IG in December was unable to issue an opinion on either
year’s financial statements and highlighted 11 material weaknesses,
seven significant deficiencies and five instances of failure to comply
with laws and regulations.
These same problems have been reported for three straight years by the IG.
it still could not issue an opinion on HUD’s financial statements after
the IG gave the department an extension and HUD re-su
continued problems “were due to an inability to establish a compliant
control environment, implement adequate financial accounting systems,
retain key financial staff, and identify appropriate accounting
principles and policies,” the IG said.