Audit of the Federal Housing Administration’s Financial Statements for Fiscal Years 2017 and 2016 (Restated)

Date Issued: 
Tuesday, February 13, 2018
Publication/Report Type: 
Audit Reports
Report Number: 
2018-FO-0003
Program Area(s): 
Federal Housing Administration (FHA)
State: 
District of Columbia
Summary: 

This audit report was reissued on February 13, 2018 to correct the Combined Statement of Budgetary Resources for the period ended September 30, 2017 on page 44.  The Budget Authority and Outlays, Net section is now included.

This audit report was previously reissued on November 27, 2017 to correct an error in a number reported for deobligations on page 16 from $206.9 million to $71.9 million.  The sentence was changed from “Of the $276.5 million identified as invalid deobligations during the fiscal year 2016 audit, $206.9 million had not been deobligated at the end of fiscal year 2017” to “Of the $276.5 million identified as invalid deobligations during the fiscal year 2016 audit, $71.9 million had not been deobligated at the end of fiscal year 2017.”  

This report presents the results of our audit of FHA’s fiscal years 2017 and 2016 (restated) financial statements, including our report on FHA’s internal control and test of compliance with selected provisions of applicable laws and regulations. 

In our opinion, FHA’s fiscal years 2017 and 2016 financial statements were presented fairly, in all material respects, in accordance with the U.S. generally accepted accounting principles for the Federal Government.  Our opinion is reported in FHA’s Fiscal Year 2017 Annual Management Report.  The results of our audit of FHA’s principal financial statements and notes for the fiscal years ending September 30, 2017 and 2016, including our report on FHA’s internal control and test of compliance with selected provisions of laws and regulations applicable to FHA are presented in this report.  Our audit disclosed two material weaknesses, two significant deficiencies in internal controls, and no instances of noncompliance with applicable laws and regulations, which are discussed further in the body of this report.

 

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