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![handle is hein.gao/gaobaaxbp0001 and id is 1 raw text is:
DOCOftENT' RE-SURE
05675 - [B1045987]
Internal Audit of Financial Operations in the Lepartment of
HousiL.- Ano Urban Development. FGMSD-78-25; B-160759. April 12,
1978. 5 pp. + 3 appendices (13 pp.).
Reprt to Secretary, Department of Housing and Urka.
Development; by D. L. Scantlebury, Director.
Issue Aran: Zaternal Auditing Systems: Sufficiency of Federal
riditorv and coverage (201).
Contact: iinancial arid General management Studies Div.
aiudqet Function: Miscellaneous: 7inancial Management and
Informttion Systems (1002).
Congressional RelevaDce: House Committee nn Banking, Finance and
Urban Affairs; Senate Committee c, Razking, Pousing and
Urban Affairs.
Authority: Accouuntinq an] Auditing Act of 1q50 (31 U.S.C. 66a).
The Department of Housing and Urbar Development's (HUD)
internal audit is ccnducted by the Office of Inspectcr General
which is concernd. with audit, investigation, and security
reviews within HUD. Audits of the acccuntirg fuaction are
performod by the Off.ce of Wa,, hirgtoni Cperations and Specidl
Projects which has rasponsibility for reviewinq accounting
operations in Washington, D.C., and the Cffice of Audit which
has responsibility for !:tviewing accounting oper~ticms ii ithe
f!.d. Pindi-n s/Concltsions: The ir audii offices issued 4,399
reporcs luring fiscal years 1974-76. There bare 3,937 external
audits involving HUD~s grantees, borrowers, moLtgag~es,
aortqaqors, and other ccntractors and 462 internal reports.
Almost all of the internal audits included a review cf scme
aspect of financial operations. Except for financial statements
of revolvinq funds, thm office of the Inspector General provided
adequate audit coverage of HUD's internal tinarcial cperations.
Financial statements of HOD's 14 revclving funds were not
audited by the Office during the pericd covered, and there is
presently no plan for providing systematic audit coverage cf
each revolving fund at specified intervals. Recimmendations:
The Secratary should assess the operations of the Cffice of
Inspector Genexal to determine what actions should te t3ken to
provide effective ccverage to HUD's revolving funds, giving due
consideration to the need for resources for this area and cther
audit areas withiL HUD. Funds should te a-dited at not less than
3-year intervals. (Author/HTW)](ViewImageLocal?handle=hein.gao/gaobaaxbp0001&div=1&collection=&method=preview&ext=.png&size=3)