Review of the Financial Statements of the Federal Housing Administration

A report issued on April 28, 1978, on the Federal Housing Administration's financial statements did not contain an opinion on the reasonableness of the balances. Subsequent to issuance of the report, a task force was established to study accounting problems and find solutions. GAO worked with the task force to help correct deficiencies and to review the adequacy of its corrections. GAO provided a list of accounting problems that should be addressed which contained findings brought out in the report and other deficiencies discussed with personnel of the Department of Housing and Urban Development.