Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2017 and 2016 (Restated)
Develop and implement a reconciliation process to ensure that the information in various systems is consistent for all accounting events.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2017 and 2016 (Restated)
Develop and implement (1) a methodology to estimate accrued liabilities for property contracts to account for expenses that had been incurred by contractors but not billed and (2) a process to ensure that an audit trail exists for identifying accruals in the general ledger.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2017 and 2016 (Restated)
Develop and implement policies and procedures to ensure that the reasonableness and appropriateness of the quarterly supplemental claims accrual estimation methodology is periodically reviewed.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2017 and 2016 (Restated)
Develop and implement policies, procedures, and controls to ensure that the reported current-year endorsements in HERMIT and SFHEDW agree with the current-year endorsements in CHUMS.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2017 and 2016 (Restated)
Strengthen existing internal control to ensure that amounts reported on the financial statements agree with the appropriate supporting documentation.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2017 and 2016 (Restated)
Restate the fiscal year 2016 financial statement notes to correct the inaccurate loan guarantee amounts reported by FHA.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2017 and 2016 (Restated)
Develop and implement procedures and controls to ensure that management reviews and approves changes in the reestimate workbook before they are implemented and maintains documentation to support the rationale for making changes in the reestimate workbook.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2017 and 2016 (Restated)
Correct the presentation error related to the allocation of reestimates in FHA’s fiscal year 2017 financial statements.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2017 and 2016 (Restated)
Assess whether prior-year financial statements need to be restated to correct the impact of the presentation error in the allocation of reestimates identified in fiscal year 2017.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Correct the impact of all of the modeling errors identified in this report.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Revise the modeling policies and procedures to use the established HECM loan limits in the HECM LLG cash flow model.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Develop alternative policies and procedures that would enable the use of the final single-family LLG cash flow model results and HECM return on notes cash flow model results in the final ROA models.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Reassess the HECM assumption that mortgages with an unpaid principal balance greater than the maximum claim amount will not be assigned to HUD and perform the following: (1) compare this assumption to historical experience, (2) document the basis for selecting the assumption as opposed to Read More
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Reassess the model design that was implemented to avoid the double counting of the cash flows for HECM mortgages in the LLG cash flow and ROA models and perform the following: (1) determine whether there are alternative methodologies that will not result in the exclusion of cash flows in both Read More
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Restate the fiscal year 2017 financial statements to correct the impact of using the improper discounting methodology in the HECM ROA model in fiscal year 2017.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Implement an automated subsidiary ledger system with the capability of obtaining loan-level transaction data from FHA, Treasury, and FFB source systems.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Work with Treasury and FFB to receive monthly loan-level transaction reports.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Identify the cause for the accrued interest differences and determine the correct accounting treatment.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Establish policies and procedures for recording and accounting for manual transactions, including the accounting rationale for the principal and interest on the direct loans and accrued interest on the borrowings.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Correct the error related to the allocation of the liquidating reestimates in fiscal years 2017 and 2018.
Open Recommendation