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Government National Mortgage Association, Audit of Fiscal Year 2021 Financial Statements

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The Chief Financial Officers Act of 1990 (Public Law 101-576), as amended, requires the Office of Inspector General to audit the financial statements of the Government National Mortgage Association (Ginnie Mae) annually. Attached are the U.S. Department of Housing and Urban Development (HUD), Office of Inspector General’s (OIG) results of the audit of Ginnie Mae fiscal years 2021 and 2020 financial statements and reports on internal control over financial reporting and compliance with laws, regulations, contracts, and grant agreements.

We contracted with the independent public accounting firm of CliftonLarsonAllen LLP (CLA) to audit the financial statements of Ginnie Mae as of and for the fiscal years ended September 30, 2021, and 2020, to provide reports on Ginnie Mae’s internal control over financial reporting and compliance with laws, regulations, contracts, and grant agreements in its financial reporting. Our contract with CLA required that the audit be performed in accordance with U.S. generally accepted government auditing standards, Office of Management and Budget audit requirements, and the Financial Audit Manual of the U.S. Government Accountability Office and the Council of the Inspectors General on Integrity and Efficiency.

In its audit of Ginnie Mae, CLA reported:

  • Ginnie Mae’s financial statements as of and for the fiscal years ended September 30,2021, and 2020, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles;
  • no material weaknesses for fiscal year 2021 in internal control over financial reporting, based on limited procedures performed; and
  • no reportable noncompliance issues for fiscal year 2021 with provisions of applicable laws, regulations, contracts, and grant agreements tested and no other matters.

In connection with the contract, we reviewed CLA’s reports and related documentation and inquired of its representatives. Our review, as differentiated from an audit of the financial statements in accordance with U.S. generally accepted government auditing standards, was not intended to enable us to express, and we do not express, opinions on Ginnie Mae’s financial statements or conclusions about 1) the effectiveness of Ginnie Mae’s internal control over financial reporting and 2) Ginnie Mae’s compliance with laws, regulations, contracts, and grant agreements. CLA is responsible for the attached Independent Auditors’ Report, dated November 15, 2021, and the conclusions expressed therein. Our review disclosed no instances in which CLA did not comply, in all material respects, with U.S. generally accepted government auditing standards.

This report, along with the audited financial statements, are included in Ginnie Mae’s Annual Management Report, which is available at https://www.ginniemae.gov/about_us/what_we_do/Annual_Reports/annual_report21.pdf