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IPFS News Link • Government

Watchdog calls out HUD for $500B-plus in accounting 'errors'

•, Brooke Singman

An inspector general audit has identified more than $500 billion in "errors corrected" in the notes and financial statements for the Department of Housing and Urban Development under the Obama administration. 

According to the report released in March, HUD reissued financial statements for fiscal 2015 and 2016 "due to pervasive material errors that we identified." Those errors were contained in a November filing.

"The total amounts of errors corrected in HUD's notes and consolidated financial statements were $516.4 billion and $3.4 billion, respectively," the IG said.  

The office also noted other circumstances that apparently made it difficult for the IG to obtain "sufficient, appropriate evidence" as part of the report. According to the IG, this included weak internal controls over financial reporting which led to errors and delays in preparing financial statements; several "significant deficiencies"; and instances of noncompliance with applicable laws and regulations.

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