tailieunhanh - United States General Accounting Office GAO February 1990 Report to the Congress_part1

Kế toán tổng hợp Văn phòng Washington, DC 20548 Kiểm soát viên của Hoa Kỳ B-206207 9199 O Chủ tịch Thượng viện và loa của Hạ viện báo cáo này trình bày các kết quả kiểm toán báo cáo tài chính hợp nhất Nhà ở Liên bang Quản lý Quỹ ngày 30 tháng 9 1988. Báo cáo kiểm soát kế toán nội bộ của Quỹ và phù hợp với pháp luật và các quy định cũng được cung cấp. | GAO United States General Accounting Office Report to the Congress February 1990 FINANCIAL AUDIT Federal Housing Administration Fund s 1988 Financial Statements GAO AFMD-90 36 This is trial version GAO United States General Accounting Office Washington . 20548 Comptroller General of the United States B-206207 February 9 1990 To the President of the Senate and the Speaker of the House of Representatives This report presents the results of our audit of the Federal Housing Administration Fund s consolidated financial statements as of September 30 1988. Reports on the Fund s internal accounting controls and on its compliance with laws and regulations are also provided. As a result of the 1988 financial audit the Federal Housing Administration fha adjusted its financial statements from a loss of 858 million to a loss of billion which reduced its government equity to a cumulative deficit of billion. The 1988 losses resulted from rising defaults in economically stressed regions sales of foreclosed properties at less than carrying values the failure of several large coinsurers and program fraud and abuse. The full extent of losses attributable to program fraud and abuse through September 30 1988 is not yet known. We and Price Waterhouse have declined to express an opinion on fha s 1988 financial statements because of an inability to ascertain the extent of losses due to fraud and abuse and because of the lack of an accurate inventory of foreclosed property. We are also concerned about large potential future losses in FHA s General Insurance GI Fund. The audit also revealed serious internal accounting control weaknesses in third-party monitoring financial management systems insurance program design controls over cost and claims settlement and the performance of basic accounting functions. In addition the audit showed that FHA did not fully comply with the Debt Collection Act of 1982. Background The Federal Housing Administration FHA was .