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The Chief Financial Officers Act of 1990 (Public Law 101-576), as amended, requires the Office

of Inspector General to audit the financial statements of the Federal Housing Administration

(FHA) annually. We audited the accompanying financial statements and notes of FHA as of and

for the fiscal years ending September 30, 2018 and 2017 (restated), which are comprised of the

balance sheets, related statements of net cost and changes in net position, and combined

statements of budgetary resources for the years then ended. Additionally, we audited the

restatement adjustments made by FHA in fiscal year 2018 to restate its fiscal year 2017 financial

statements and notes.


In our opinion, FHA’s fiscal years 2018 and 2017 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 2018 Annual Management

Report. The results of our audit of FHA’s principal financial statements and notes for the fiscal

years ending September 30, 2018 and 2017, 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 one material weaknesses, three 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.