This report presents the results of Urbach Kahn and Werlin LLP (UKW) audit of the fiscal year 2009 and 2008 financial statements of the Federal Housing Administration (FHA). The report on FHA’s financial statements, dated November 9, 2009 includes an unqualified opinion on FHA’s financial statements. The report contains four significant deficiencies in FHA’s internal controls and one reportable instance of noncompliance with laws and regulations. The report contains 15 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. UKW 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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