About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

GAO-23-106487 1 (2023-04-19)

handle is hein.gao/gaoomm0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 April 19, 2023 The Honorable Sandra L. Thompson Director, Federal Housing Finance Agency Management Report: Federal Housing Finance Agency Should Improve Controls over Personnel and Payroll Information Dear Director Thompson: On November 15, 2022, we issued our auditor's report on the results of our audit of the fiscal years 2022 and 2021 financial statements of the Federal Housing Finance Agency (FHFA).1 As we reported in connection with our audit, FHFA maintained, in all material respects, effective internal control over financial reporting as of September 30, 2022. However, we identified other deficiencies in FHFA's internal controls that we do not consider to be material weaknesses or significant deficiencies.2 These deficiencies warrant FHFA management's attention. This report presents the control deficiencies we identified and our recommendations related to these deficiencies. There were no prior recommendations outstanding for FHFA related to past financial statement audits. This report is intended for FHFA management's use. Objective, Scope, and Methodology As part of our audit of FHFA's fiscal years 2022 and 2021 financial statements, we evaluated FHFA's internal control over financial reporting. To accomplish this objective, we reviewed FHFA policies and procedures; interviewed FHFA management and staff; observed controls in operation; and conducted tests of controls to determine whether controls were designed, implemented, and operating effectively. A full discussion of our scope and methodology is included in our auditor's reports of FHFA's fiscal years 2022 and 2021 financial statements.3 During the course of our work, we communicated our findings to FHFA management. We plan to follow up with FHFA to determine the status of corrective actions taken to address our recommendations as part of our audit of FHFA's fiscal year 2023 financial statements. We performed our audit in accordance with U.S. generally accepted government auditing standards. We believe that our audit provides a reasonable basis for our findings and recommendations in this report. 1GAO, Financial Audit: Federal Housing Finance Agency's FY 2022 and 2021 Financial Statements, GAO-23-105910 (Washington, D.C.: Nov. 15, 2022). 2A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting, that is less severe than a material weakness yet important enough to merit attention by those charged with governance. A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. 3GAO-23-105910. GAO-23-106487 FHFA Management Report Page 1

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most