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GAO-03-447R 1 (2003-04-09)

handle is hein.gao/gaobaamef0001 and id is 1 raw text is: I Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 April 9, 2003 The Honorable Paul S. Sarbanes Ranking Minority Member, Committee on Banking, Housing and Urban Affairs United States Senate The Honorable Jack Reed Ranking Minority Member, Subcommittee on Housing and Transportation Committee on Banking, Housing and Urban Affairs United States Senate Subject: Department of Housing and Urban Development: Status of Efforts to Implement an Integrated Financial Management System Weaknesses in the Department of Housing and Urban Development's (HUD) financial management systems have been a long-standing challenge for the department and have contributed to our designating two of its major programs areas as high-risk and the financial management information systems in particular as a major management challenge. While some progress has been made, both we and the HUD Office of the Inspector General (IG) have reported extensively on weaknesses related to HUD's financial management systems. In audits of HUD's consolidated financial statements, the IG has consistently identified several material internal control weaknesses resulting from inadequate financial management systems. In recent audit reports, the HUD OIG also noted that the completion of the development of adequate financial management systems is the most critical need faced by HUD in improving its financial management control environment. Responsive financial management systems are particularly critical to HUD's ability to meet its mission, deliver key services, and establish sufficient management control over its operations. In light of these issues, you asked that we (1) summarize HUD's past efforts to implement an integrated financial management system, (2) identify the challenges HUD faces with its current financial management systems, and (3) determine the status of HUD's current efforts to identify and address its financial management systems needs. GAO-03-447R HUD Systems Status

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