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090235 1 (1978-05-16)

handle is hein.gao/gaobacvxo0001 and id is 1 raw text is: 9 IP U UNITED STATES GENERAL ACCOUNTING OFFICE 023 WASHINGTON, D C 20548 COMMUNITY AND ECONOMIC MAY 161978 DEVELOPMENT DIVISION Mr. William A. Medina Assistant Secretary for Administration Department of Housing and Urban Development Dear Mr. Medina As you are aware, the report on our examination of the fiscal year 1976 financial statements of the Federal Housing Administration (CED-78-95, dated April 28, 1978) stated that we were unable to express an opinion on the reasonableness of the balances in the statements. After making our draft report available for comment by the Department we had a number of meetings with officials of the Office of Finance and Accounting to further discuss the findings and devise a plan to correct the deficiencies noted. We were told that a task force was established involving about 14 people with the objective of studying the accounting problems and finding solutions in time for the year-end closing of the books at September 30, 1978. They told us it would be impractical to attempt to solve these problems for the fiscal year ended September 30, 1977, because the books had already been closed. In an attempt to help correct the deficiencies disclosed in our report we agreed to assign people as needed from our staff to work with the task force to review and test the adequacy of corrections made by the task force. The Depart- ment's Office of Inspector General also agreed to assign someone to work with the task force. Further, as stated in our report, we do not plan to issue an opinion on the Federal Housing Administration's financial statements for fiscal year 1977, but we will make our regular audit for fiscal year 1978 and issue an opinion on those statements. In connection with the efforts of the task force, Mr. Fred Brady, who is in charge, asked that we provide him with a list of accounting problems that should be addressed during their review. The attached list was developed by both 0 0 Z 5~

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