FHA Internal Controls

RCED-92-227R: Published: Sep 30, 1992. Publicly Released: Oct 28, 1992.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

Pursuant to a congressional request, GAO reviewed two internal control reports issued in 1991 on the Federal Housing Administration's (FHA) single- and multifamily housing loan insurance programs, focusing on materially significant financial and management internal control weaknesses reported for the first time. GAO found that: (1) an independent accounting firm identified 206 internal control weaknesses in both FHA programs, 29 percent being newly reported; (2) the accounting firm considered 11 of 147 previously reported weaknesses and 8 of 59 newly reported weaknesses to be materially significant; (3) the single family program had 133 reported weaknesses, 34 being new, which mainly affected mortgage premium and insurance claims processing, mortgage note servicing, and property disposition; (4) the multifamily program had 73 weaknesses, 25 being new, affecting mainly property disposition, mortgage premium processing and distribution, mortgage note servicing, and project monitoring; and (5) FHA generally agreed with the findings, and has taken actions, such as developing a comprehensive risk-based internal control system, to correct all the reported material weaknesses, but it is too early to tell if the improvements have been effective.

Sep 30, 2016

Sep 29, 2016

Sep 28, 2016

Sep 27, 2016

Sep 26, 2016

Sep 23, 2016

Sep 21, 2016

Sep 7, 2016

Aug 30, 2016

Looking for more? Browse all our products here