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HUD Continues Use of Faulty Accounting Practices

HUD Continues Use of Faulty Accounting Practices

House and Urban Development Secretary Julian Castro (Pete Marovich/Bloomberg via Getty Images)

By    |   Wednesday, 23 November 2016 12:04 PM

The Department of Housing and Urban Development (HUD) has known for four years that its accounting practices are faulty but continues on without making reparations, The Daily Caller reported.

HUD's own Inspector General has exposed the department's use of worthless financial books and practices.

The IG's latest audit found that there were 11 material weaknesses, seven significant deficiencies in internal controls and five instances of noncompliance with applicable laws and regulations.

"These weaknesses were due to an inability to establish a compliant control environment, implement adequate financial accounting systems, retain key financial management staff, and identify appropriate accounting principles and policies," the audit stated.

HUD hasn't said why it hasn't fixed the problems or if it's aware that it has a problem, according to the Caller.

"That's what smells. HUD is a symptom of an inability to learn from history that we keep paying a price for," Bill Bergman, research director at a government watchdog told the Caller. "These types of disclaimers have much more severe consequences in the private sector."

Dr. Ben Carson is a potential candidate to inherit HUD's mess in a Donald Trump administration.

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The Department of Housing and Urban Development (HUD) has known for four years that its accounting practices are faulty but continues on without making reparations, The Daily Caller reported.
hud, continues, faulty, accounting, practices, years
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2016-04-23
Wednesday, 23 November 2016 12:04 PM
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