Posted on 05/03/2017 7:45:18 AM PDT by SeekAndFind
“For example, the OIG said at least $119 billion in errors were due to incorrect rounding.
“We found several instances in which rounding was performed to the nearest billion and hundred billion, while OMB Circular A-136 requires the highest level of rounding to be at the nearest million,” the report said.”
Don’t you just hate it when there’s a “rounding error” that S/B in the millions, but is mistakenly made in the billions! Someone should have OMB Circular A-136 rolled up and stuffed up his a$$! From all the “errors and misspending” I’ve read about recently, we could probably drop the national debt by a trillion just by acting like a business where our finances are concerned.
I’m wondering if the errors are Fake News. They probably weren’t errors, but more like “on purposes.”
(HAT TIP HOLLYB) The audit is lengthy. Here’s a couple of things I came across:
****Errors in financial statement note disclosures. We found that 19 of 31 financial statement notes (61 percent) contained errors with an approximate absolute value totaling $278.5 billion. Of the $278.5 billion in errors, $159.4 billion in errors was due primarily to (1) incorrect data entry, (2) omission of restated balances, or (3) incorrect data provided by HUD’s component entities (FHA and Ginnie Mae). The remaining $119.1 billion in errors was due to inappropriate rounding adjustments. We found several instances in which rounding was performed to the nearest billion and hundred billion,
1. HUD Assets and Liabilities Were Misstated and Not Adequately Supported HUD did not properly account for, have internal controls over, or have adequate support for all of its assets and liabilities. Specifically,
(1) CPD did not validate its accrued grant liabilities estimates;
(2) HUD’s accounting for its cash management process did not include the recognition of receivables and payables when incurred and understated its prepayment balance; (3) HUD did not recognize a prepayment for funds advanced to its IHBG grantees that were used for investment;
(4) EHLP could not be audited;
(5) balances related to HUD’s loan guarantee programs were not reliable; and,
(6) HUD did not properly account for its property, plant, and equipment.
These problems occurred because of continued weaknesses in HUD’s internal controls and a lack of communication between OCFO and the program offices. As a result, several financial statement line items were misstated or could not be audited as of September 30, 2016. Specifically, (1) CPD’s accrued grant liabilities estimates could not be audited; (2) HUD’s PIH prepayments and accounts receivable balances contained errors with an absolute value of approximately $476.2 million and $201.2 million, respectively, and accounts payable were understated by an unknown amount; (3) HUD’s expenses on its statement of net costs were overstated by $293.2 million; (4) loans receivable balances for EHLP could not be audited and were potentially misstated; (5) balances related to HUD’s loan guarantee programs were misstated by unknown amounts; and (6) HUD’s $297 million balance for property, plant, and equipment was not supported.
2....some contractors had inappropriate access to sensitive budget and general ledger financial transactions. Further, inaccurate security documentation could lead to inappropriate decisions.
3. HUD Continued To Not Comply With the HOME Investment Partnership Act
4. HUD Did Not Comply With Treasury Financial Manual’s Rules on Cash Management or 2 CFR Part 200
5. HUD Did Not Comply With the Improper Payments Elimination and Recovery Act of 2010
6. Ginnie Mae Did Not Comply With the Debt Collection Improvement Act of 1996
7. HUD Assets and Liabilities Were Misstated and Not Adequately Supported
Much more at link: https://www.hudoig.gov/sites/default/files/documents/2017-FO-0005.pdf
cont
Dr. Carson made it Public. Obviously the Obama Administration chose to keep it a secret.
You don’t find a half Trillion Dollar Accounting error one week after walking through the door and taking over the place.
RE: Who is the Fact Checker?
The writer of this piece is D’Angelo Gore ( Doesn’t sound like a familiar name someone would give to a child. And the “Gore” makes me want to ask whether the person is related to Al himself ). Unfrotunately, that’s the most we know of this “Fact Checker”.
If we had a complete Justice Department with new conservative lawyers (which we don’t yet have), there would be some people being tried for their criminal acts at HUH.
RE: The bottom line: the OIG, not Carson, was responsible for the audit that led to the correction of over $500 billion in bookkeeping errors by HUD during the Obama administration. Carson wasn’t in office when OIG initiated the audit and the secretary has no authority over the independent IG office.
__________________________
OK, the important question is STILL this — WHY DID THE PUBLIC ONLY KNOW ABOUT THIS NOW? Was it made public when it was discovered?
And here’s the next question -— Are there any consequences to the person or persons who made this error? Or are we simply going to just shrug and let him or her keep his position?
We keep asking the wrong questions.
Clinton stooge Janet Napolitano who is president of the University of California misplaced $175 million in secret reserves when the university’s governing board voted to raise tuition earlier this year. She said oops and keeps her job.
http://www.sacbee.com/news/politics-government/capitol-alert/article148194649.html
She is also in charge of the Berkeley campus where terror rains.
I would be as leery of “Fact Checkers” as I am of Hillary Clinton. Or obama.
Regardless of when the report was issued, that amount of error cannot stand. What corrective action has been forthcoming? What employees are responsible - names, please? How can we be assured it never happens again? Obama screw-ups are all over the place but I see no heads roll, no corrective action - no details. Call a spade a spade, and don’t wait a year to get the job done.
Yes he did, in that HE FOUND THEY HAD THIS AUDIT and reported it publicly.
Did anyone hear about it before Dr. Carson told everyone?
RE: Yes he did, in that HE FOUND THEY HAD THIS AUDIT and reported it publicly.
So, is this an AUDIT to find out about an existing or past AUDITs which were not made public before?
If so, it meets the definition of AUDIT: “To conduct an official financial examination of (an individual’s or organization’s accounts).”
Because the press chose not to make a big deal of it. Past OIG reports and audits aren't secret, just buried in a mountain of public information.
-- Are there any consequences to the person or persons who made this error? --
It's not one error, it is thousands of errors, made by thousands of people. Some of it is fraud, probably 20% of that is caught.
The mind-raping media keeps inventing new ways to lie.
So, in order to distract from the fact that the Obama administration was criminally incompetent, they zero in on some minor error in an obscure news report. Then whenever anyone brings up this fact, they switch the subject to the “debunked” error.
Same thing they did when Planned Parenthood got caught red handed selling baby body parts. They kept misreporting that the issue is about “profit” (Planned Parenthood is “non-profit” even if its leader make millions), and about “highly-edited” videos. ALL news videos are highly-edited, if that means anything. Plus, the source footage was released. So, after reporting these lies over and over, any time the baby killers are mentioned, they just invoke their Goebbel-style meme.
Same thing with Jeff Sessions on Russia. Sessions stated plainly that he would recuse himself from investigations into the campaign of which he was a part. He did NOT say he would recuse himself from all investigations pertaining to Russia. But the media has said over, and over, and over, that he said so.
Liars. Murderers. Thieves. Tyrants. And this will not be resolved without lots of them dying.
RE: Some of it is fraud, probably 20% of that is caught.
Well, if so, we ought to have an AUDIT ( there’s that word again ) of WHO or HOW MANY PEOPLE perpetrated the fraud and FIRE THEM ( and I’m being very lenient here, they ought to be tried and jailed if found guilty ).
And your point is?
Fraud cases highlighted in the HUD's Office of Inspector - January 14, 2011
HUD Scandals - June 1, 2009
Former HUD-OIG Special Agent in Charge Convicted of Making False Statements - 2015
I'm sure there are exceptional cases where the wrongdoer is too big or too small to bother with. My point of view is that HUD should be disbanded. Too much money in one place, bureaucratic, recipe for successful fraud.
RE: And your point is?
Please read the rest of my posts on this thread. My point is adequately presented.
Put it in your first post
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