Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2017 and 2016 (Restated)
Review FHA’s existing model coding for single-family, HECM, and multifamily models and make necessary changes to make them consistent with industry’s best practices in model coding. At a minimum, FHA should implement actions to address model coding deficiencies cited in our report.
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2017 and 2016 (Restated)
Establish and implement policies and procedures for assessing and monitoring the reliability of the work performed by FHA’s modeling contractors.
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2017 and 2016 (Restated)
Revisit the model’s ability to predict future performance of the single-family portfolio, based on our concerns expressed in this report regarding relationships of certain variables (such as loan-to-value ratio and FICO scores to prepayment) that are not consistent with our expectations. FHA should provide us an analysis to support its position if it believes that a model design change is not warranted.
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2017 and 2016 (Restated)
Correct the impact of all the modeling errors that we identified in this report.
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2017 and 2016 (Restated)
Ensure that the $270.7 million identified as invalid obligations in fiscal year 2017 is deobligated as appropriate.
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 he obligation is recognized when the loan guarantee commitment or the direct loan obligation is made and the subsidy cost expense is recognized when the loan is endorsed for loan guarantees and when the loan is disbursed for direct loans.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Additional Details To Supplement Our Fiscal Years 2017 and 2016 (Restated) U.S. Department of Housing and Urban Development Financial Statement Audit
Implement a repeatable and sustainable process to prepare timely and accurate quarterly financial statement notes, including third and fourth quarter notes within the OMB required timeframe.
Additional Details To Supplement Our Fiscal Years 2017 and 2016 (Restated) U.S. Department of Housing and Urban Development Financial Statement Audit
Establish policies and procedures for recording the budget authority apportioned to HUD during a continuing resolution, including both the proprietary and budgetary transactions.
Additional Details To Supplement Our Fiscal Years 2017 and 2016 (Restated) U.S. Department of Housing and Urban Development Financial Statement Audit
Ensure that the budget execution policies and procedures are properly delegated, assigned, and communicated to the personnel fulfilling these responsibilities.
Additional Details To Supplement Our Fiscal Years 2017 and 2016 (Restated) U.S. Department of Housing and Urban Development Financial Statement Audit
Ensure that the budget execution procedures executed internally by OCFO Budget are consistent with those established by ARC.
Additional Details To Supplement Our Fiscal Years 2017 and 2016 (Restated) U.S. Department of Housing and Urban Development Financial Statement Audit
Develop and implement policies and procedures to ensure that intragovernmental differences identified with U.S. Treasury’s General Fund are resolved on a timely basis with corrective action plans.