This report presents the results Clifton Gunderson's (CG) audit of the fiscal year 2010 and 2009 financial statements of the Federal Housing Administration (FHA). The report on FHA's financial statements, dated November 3, 2010 includes an unqualified opinion on FHA's financial statements. The report contains two significant deficiencies in FHA's internal controls and one reportable instance of noncompliance with laws and regulations. The report contains eight new recommendations. Additionally, it discusses the issues/conditions in detail, provides an assessment of management's responses to the report, and makes recommendations for corrective actions. CG also noted other matters involving internal control and its operation that are not material to the financial statements and are being communicated separately to FHA's management.
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