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Financial Audit: VA Housing Credit Assistance Program Financial Statements for Fiscal Years 1989 and 1988

AFMD-92-2 Published: Oct 24, 1991. Publicly Released: Oct 24, 1991.
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Highlights

Pursuant to a congressional request, GAO reviewed the Department of Veterans Affairs' (VA) housing assistance program financial statements for the fiscal years ended September 30, 1989 and 1988.

Recommendations

Recommendations for Executive Action

Agency Affected Recommendation Status
Department of Veterans Affairs The Secretary of Veterans Affairs should resubmit proposed legislation in future VA budget submissions seeking a waiver of the Direct Loan Revolving Fund's $1.7 billion liability for appropriations advanced by the Department of the Treasury.
Closed – Implemented
VA submitted proposed legislation in the FY 1993 Office of Management and Budget legislative program and included it again in the FY 1994 program.

Full Report

Full Report (46 pages)

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Topics

Auditing and Financial Management
Accounting proceduresCivil auditsDebt collectionFederal agency accounting systemsFinancial recordsFinancial statement auditsGovernment guaranteed loansInternal controlsLoan defaultsLoan repaymentsMortgage loansVeterans benefits