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Crime, Fraud, Waste, and Abuse
  • Recommendation Number: 2026-FO-0003-001-G
  • Status: Open
  • Date Issued: January 27, 2026

Determine which report accurately reflects the status of partial claims without original documentation, certify the completeness and accuracy of the identified report, and provide the report to the General Ledger Division for the reclassification entry.

Publication Report

2026-FO-0003 | January 27, 2026

Audit of FHA’s Fiscal Year 2025 Financial Statements

We contracted with the independent public accounting firm of Sikich CPA LLC to audit the financial statements of FHA as of and for the fiscal year ending September 30, 2025, and to provide reports on FHA’s (1) internal control over financial reporting… more

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    Transmittal of Independent Public Accountant’s Audit Report on the Federal Housing Administration’s Fiscal Year 2025 Financial Statements

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    2026-FO-0003-001-I

    Record journal entries to reclassify the HECM cases with missing original first notes for more than 90 days from loans receivable to accounts receivable.
     

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    Ensure the report provided by the NSC to reclassify partial claims from loans receivable to account receivable is appropriate for financial reporting and document the decision.
     

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    2026-FO-0003-001-K

    Implement a procedure to test journal entry posting models and their effect on the financial statements and related note disclosures when there are program changes requiring new journal entries.

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    Develop a standard operating procedure that details the rationale, calculation, and underlying support needed for the amounts and narrative descriptions in the financial statement note disclosures, including borrowing authority.

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    Implement quality control checks that reconcile financial statement disclosure amounts to the general ledger and other supporting documentation as part of the financial statements review and approval process.