Internal Audit of Financial Operations in the Department of Housing and Urban Development
FGMSD-78-25: Published: Apr 12, 1978. Publicly Released: Apr 12, 1978.
- Full Report:
The Department of Housing and Urban Development's (HUD) internal audit is conducted by the Office of Inspector General (OIG) which is concerned with audit, investigation, and security reviews within HUD. Audits of the accounting function are performed by the Office of Washington Operations and Special Projects which has responsibility for reviewing accounting operations in Washington, D.C., and the Office of Audit which has responsibility for reviewing accounting operations in the field.
The two audit offices issued 4,399 reports during fiscal years 1974 through 1976. There were 3,937 external audits involving HUD's grantees, borrowers, mortgagees, mortgagors, and other contractors and 462 internal reports. Almost all of the internal audits included a review of some aspect of financial operations. Except for financial statements of revolving funds, OIG provided adequate audit coverage of HUD internal financial operations. Financial statements of the HUD 14 revolving funds were not audited by the Office during the period covered, and there is presently no plan for providing systematic audit coverage of each revolving fund at specified intervals.
Recommendation for Executive Action
Comments: Please call 202/512-6100 for additional information.
Recommendation: The Secretary should assess the operations of OIG to determine what actions should be taken to provide effective coverage to HUD revolving funds, giving due consideration to the need for resources for this area and other audit areas within HUD. Funds should be audited at not less than 3-year intervals.