Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Develop and implement controls that ensure the updating of model documentation when model changes are made.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Improve model documentation by addressing the model documentation deficiencies cited in this report and narrowing or consolidating them into fewer pieces of documentation, as appropriate.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Formalize and define coding best practices within Ginnie Mae’s model governance framework.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Apply coding best practices during model development processes and add a control for reviewing model code for compliance with best practices.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Ensure that documentation is maintained to support reimbursable cost receivables recorded on Ginnie Mae’s financial statements or write off the reimbursable costs receivables that are not valid or cannot be supported.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Establish audit trails to ensure that supporting documentation can be easily traced and verified to the recorded transactions in the general ledger.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Establish and implement remedial action plans to document the implementation testing of the effectiveness of its internal control over financial reporting in accordance with OMB Circular A-123, appendix A.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Update its internal controls descriptions to reflect controls in place and implement monitoring activities to ensure that it carries out the controls and documents their performance and results.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Resolve the issues identified with the mastersubservicers to improve the data quality and timing of the raw data received for SLDB monthly processing and minimize manual adjustments.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Modify the standing operating procedures for the SLDB data quality checks that address mastersubservicer data deficiencies, data quality rules, and severity levels, to include periodic assessments of the appropriateness of the severity levels.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Review VAPE data validation procedures to improve preventive controls to determine the reasonableness of the inbound VAPE data before SLDB processing.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Implement the planned SLDB code fixes and enhancements to reduce future manual adjustments.
Open Recommendation
Audit of the Government National Mortgage Association's Fiscal Year 2020
Financial Statements
Create separate reporting lines between model development and model validation functions so that both critical model functions do not report to OER, are appropriately segregated in accordance with industry guidance, and follow the foundational component of internal control standards.
Open Recommendation
Audit of HUD's Fiscal Year 2020 Consolidated Financial Statements
Prepare a white paper regarding the accounting treatment for each type of funding disbursed under the HCVP, to include a comparison of the qualities the funding embodies against the qualities that are necessary for it to be considered a prepayment versus an expense according to generally accepted Read More
Open Recommendation
Audit of HUD's Fiscal Year 2020 Consolidated Financial Statements
Develop and implement a policy that requires OCFO to review all new program notices, new regulations, and new types of funding and evaluate each against the accounting standards and current accounting treatment (as documented in white papers or other forms) to determine whether OCFO’s treatment Read More
Open Recommendation
Audit of HUD's Fiscal Year 2020 Consolidated Financial Statements
Once additional data are available, and at least quarterly, reduce the CARES Act PIH prepayment by the amount actually spent by PHAs or an estimated amount with a low level of estimation uncertainty.
Open Recommendation
Audit of HUD's Fiscal Year 2020 Consolidated Financial Statements
As part of the validation process for CPD’s accrued grant liabilities, review CPD’s accrued grant liabilities estimation methodology to ensure that it is based on verifiable grantee supporting documentation and all assumptions and variables used for the grant accrual estimate were properly Read More
Open Recommendation
Audit of HUD's Fiscal Year 2020 Consolidated Financial Statements
Research the survey responses that resulted in a positive cash on hand balance to determine whether a cash advance exists. If so, the Chief Financial Officer should coordinate with CPD to (1) determine whether the grantees have proper documentation and approvals allowing for cash advances and (2) Read More
Open Recommendation
Audit of HUD's Fiscal Year 2020 Consolidated Financial Statements
Investigate other methods for validating CPD’s accrued grant liabilities estimate, including the use of other sampling units, which could provide additional relevant information that can be used to produce more reasonable results and reduce estimation uncertainty to a low level.
Open Recommendation
Audit of HUD's Fiscal Year 2020 Consolidated Financial Statements
Work with the Director of the Office of Multifamily Asset Management and Portfolio Oversight to ensure that all debt owed to HUD is identified, accurately reported in HUD’s financial records, and properly monitored to ensure compliance with applicable laws and regulations.
Open Recommendation