Audit
of the Federal Housing Administration’s Fiscal Years 2020 and 2019 Financial
Statements The Chief Financial Officers Act
of 1990 (Public Law 101-576), as amended, requires the Office of Inspector
General to audit the financial statements of the Federal Housing
Administration (FHA) annually. We audited the accompanying FHA financial
statements and notes as of and for the fiscal years ending September 30, 2020
and 2019, which are comprised of the balance sheets, related statements of
net cost, changes in net position, and combined statements of budgetary
resources for the fiscal years then ended. We conducted these audits in
accordance with U.S. generally accepted government auditing standards. In our opinion, FHA’s fiscal
years 2020 and 2019 financial statements were presented fairly, in all
material respects, in accordance with the U.S. generally accepted accounting
principles for the Federal Government. FHA reports our opinion in its Fiscal
Year 2020 Annual Management Report. The results of our audit of FHA’s
principal financial statements and notes for the fiscal years ending
September 30, 2020 and 2019, including our report on FHA’s internal control
and test of compliance with selected provisions of laws, regulations, and
contracts applicable to FHA, are presented in this report. Our audit did not
disclose any deficiencies in internal control that we consider to be material
weaknesses or significant deficiencies and no instances of noncompliance with
applicable laws, regulations, and contracts. We have no new recommendations
in this report; however, the Followup on Prior Audits section contains
recommendations from prior-year audits that are still outstanding. While
these recommendations relate to prior-year material weaknesses or significant
deficiencies that have now been substantially resolved, FHA should continue
to track and resolve these recommendations in accordance with departmental
procedures. |
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