Ben Carson Audits HUD, Finds $500B In Errors From Obama Administration

Dr. Ben Carson is well known for his work in the medical field, including the fact that he became the first neurosurgeon to ever successfully detach conjoined twins joined at the head.

When Trump asked Carson to head the Department of Housing and Urban Development (HUD), many were unaware of the skills Carson possessed outside of the medical field.

In fact, Nancy Pelosi said Carson was, “disconcerting and disturbingly unqualified” to lead HUD.

One of Carson’s first big moves in the department was to audit HUD, which grew drastically under the Obama administration.

In the report, it was revealed that $520 billion in bookkeeping errors were made by the previous administration.

“The total amounts of errors corrected in HUD’s notes and consolidated financial statements were $516.4 billion and $3.4 billion, respectively,” the auditor report stated.

Outside of that staggering figure, there were many other problems that were allowed to fester for years.

There were several other unresolved audit matters, which restricted our ability to obtain sufficient, appropriate evidence to express an opinion. These unresolved audit matters relate to (1) the Office of General Counsel’s refusal to sign the management representation letter, (2) HUD’s improper use of cumulative and first-in, first-out budgetary accounting methods of disbursing community planning and development program funds, (3) the $4.2 billion in nonpooled loan assets from Ginnie Mae’s stand-alone financial statements that we could not audit due to inadequate support, (4) the improper accounting for certain HUD assets and liabilities, and (5) material differences between HUD’s subledger and general ledger accounts. This audit report contains 11 material weaknesses, 7 significant deficiencies, and 5 instances of noncompliance with applicable laws and regulations.

The report went on to offer three recommendations going forward.

We recommend that HUD (1) reassess its current consolidated financial statement and notes review process to ensure that sufficient internal controls are in place to prevent and detect errors, (2) evaluate the current content of HUD’s consolidated note disclosures to ensure compliance with regulations and GAAP, and (3) develop a plan to ensure that restatements are properly reflected in all notes impacted.

The biggest problem is that these issues and errors continued for years and developed into one giant problem that must be dealt with sooner rather than later.

The auditors added that the problems “were due to an inability to establish a compliant control environment, implement adequate financial accounting systems, retain key financial staff, and identify appropriate accounting principles and policies.”

With a president actively pushing financial cuts any and everywhere possible, Carson may need to revert back to his medical training to start cutting away unnecessary waste.

Views: 41

Reply to This

Replies to This Discussion

I would guess that most of the problems found in this audit go back several Presidents.  This is a classic outcome of the implementation of nebulous laws that can easily be seen through political lenses that lead to whipsaw in the operation of a federal agency.

"cutting away unnecessary waste"  --  as opposed to necessary waste?

I hear you! It's as though the government somehow justifies some 'necessary waste.'

Somebody is not doing their job!  Is it the office of Efficiency or the office of Redundancy Elimination?  LOL!

I bet it is like this in every single department. 

I bet it is too. I think we may see just how wasteful they've been in the next few years.





Please view our mission, policy, and legal disclaimer to learn about us by visiting the main menu.  Thank you.


AGENDA 21/2030 


Let your voice be counted!








national debt

Founders' Corner

Latest Activity

Robin replied to Robin's discussion Dems fall in line on single-payer, as Sanders prepares to launch Medicare-for-all 'campaign'
"Ut Ohhh Bernie!  FLASHBACK: Bernie Sanders Says Medicaid-For-All Would Bankrupt America Ah,…"
Sep 14
Robin replied to Robin's discussion Dems fall in line on single-payer, as Sanders prepares to launch Medicare-for-all 'campaign'
"Yes! That is exactly the Congress I mean. "
Sep 14
Rick replied to Rick's discussion North Korea fires another missile at Japan & into the Pacific, less than 2 weeks after nuclear bomb test
"Japanese official says the country's govt will take appropriate response to North Korea firing…"
Sep 14
Rick posted a discussion

North Korea fires another missile at Japan & into the Pacific, less than 2 weeks after nuclear bomb test

North Korea reportedly fired another missile, less than two weeks after its …See More
Sep 14


© 2017   Fundamental Refounding.   Powered by

Badges  |  Report an Issue  |  Terms of Service