HUD Has No Answer For Why Its Financial Books Are Worthless

[Geee]

Daily Caller:

Department of Housing and Urban Development (HUD) officials refuse to explain why they haven’t fixed poor accounting practices and useless financial books their inspector general (IG) has been exposing for four years.

 

It’s not clear whether HUD officials understand what they’re doing is wrong because, their spokesman, Brian Sullivan, told The Daily Caller News Foundation Investigative Group that “HUD does apply generally accepted accounting standards.”

 

Not so, said the IG, whose most recent audit found 11 “material weaknesses,” seven “significant deficiencies” in internal controls, and five instances of “noncompliance with applicable laws and regulations.”

 

The laundry list of accounting failures, “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 IG said.