HUD Audit Finds Unheard of $500 Billion in Accounting Errors - So Bad General Counsel Refused to Sign Report!

Obama’s HUD Received One of the Worst Audit Results in US History!

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.

These results are shocking. If a

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Comment by Less Prone on October 23, 2017 at 9:22am

A billion here, a trillion there, and soon we are talking about some REAL money. After trillion comes quadrillion.

Comment by Diana on October 23, 2017 at 9:05am

$6 Billion misplaced from Hillary's State Dept.  $6 Trillion missing from Pentagon.  $500 Billion from HUD.  And these are just the Govt Depts we've heard about.  Meanwhile, the infrastructure  is crumbling, veterans can't get decent medical care, we continue to bomb other countries...

Comment by Less Prone on October 22, 2017 at 7:23pm

Give me the control of the nation's money and I care not who makes the laws


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