Australian Politics Forum - $500 Billion in Accounting Errors

President Elect, The Mechanic

Gold Member

Offline

Australian Politics

Posts: 17501
Gender: male

$500 Billion in Accounting Errors
Oct 22^nd, 2017 at 12:46pm

Quote:

HUD Audit Finds Unheard of $500 Billion in Accounting Errors – So Bad General Counsel Refused to Sign Report!

Obama’s HUD Received One of the Worst Audit Results in US History!

The 2015 and 2016 Fiscal Years HUD audit needed to be restated and reissued. The auditors were not able to initially perform the audit because there were too many material issues and the audit needed to be redone –

HUD reissued its fiscal years 2016 and 2015 (restated) consolidated financial statements due to pervasive material errors that we identified.

The restated audit report shows the following –

The total amounts of errors corrected in HUD’s notes and consolidated financial statements were $516.4 billion and $3.4 billion, respectively.

There were several other unresolved audit matters, which restricted our ability to obtain sufficient, appropriate evidence to express an opinion. These unresolved audit matters relate to (1) the Office of General Counsel’s refusal to sign the management representation letter, (2) HUD’s improper use of cumulative and first-in, first-out budgetary accounting methods of disbursing community planning and development program funds, (3) the $4.2 billion in nonpooled loan assets from Ginnie Mae’s stand-alone financial statements that we could not audit due to inadequate support, (4) the improper accounting for certain HUD assets and liabilities, and (5) material differences between HUD’s subledger and general ledger accounts. This audit report contains 11 material weaknesses, 7 significant deficiencies, and 5 instances of noncompliance with applicable laws and regulations.

These results are shocking.

If a US corporation had similar results their stock holders would flee, the stock price would quickly plummet and the company would quickly go bankrupt within days!

Auditors always have enough information to express an opinion and so for the auditors not to be able to express an opinion shows the results were terrible.

Material weaknesses are unheard of and this audit resulted in 11 material weaknesses.

Plus the Office of General Counsel’s refusal to sign the management representation letter is also appalling. The attorneys inability to sign the management letter is a clear indication that the HUD’s books are in error.

Obama appointed far left Democrat Julian Castro to lead the agency in 2014.

President Barack Obama listens as he is introduced by new Housing and Urban Development Secretary Julian Castro, Thursday, July 31, 2014, at the Housing and Urban Development Department in Washington. (AP Photo/Jacquelyn Martin)

Thank God the Obama years are over!

Back to top

Q

The STORM has arrived
Every Dog Has Its Day...
Dark to Light.
Sheep no more.

IP Logged

longweekend58 Gold Member Offline Australian Politics Posts: 45675 Gender:	Re: $500 Billion in Accounting Errors Reply #1 - Oct 22^nd, 2017 at 7:12pm All completely fake news and total BS. Note the absence of any link...
Back to top	AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..." IP Logged

Richdude Gold Member Offline Australian Politics Posts: 8457 NC Gender:	Re: $500 Billion in Accounting Errors Reply #2 - Oct 23^rd, 2017 at 3:06am longweekend58 wrote on Oct 22^nd, 2017 at 7:12pm: All completely fake news and total BS. Note the absence of any link... How do you know its fake? Get of your fat a** Cartman and do a Google - there is a dozen links to this story. Of course you won't find stories like this on the MSM - they only run FAKE news.
Back to top	The mediocre mind is incapable of understanding the man who refuses to bow blindly to conventional prejudices and chooses instead to express his opinions courageously and honestly.” IP Logged

Marla Gold Member Offline I really hate you Posts: 12821 Colorado Gender:	Re: $500 Billion in Accounting Errors Reply #3 - Oct 23^rd, 2017 at 3:19am He's pulling it from here: http://www.thegatewaypundit.com/2017/10/obamas-hud-audit-needed-to-be-restated-5... The Gateway Pundit is known far right-wing misinformation site who also push pro-Russian propaganda: https://rationalwiki.org/wiki/The_Gateway_Pundit
Back to top	I am a kid in the nuthouse. I am a kid in the psycho zone. Psycho Therapy I am going to burglarize your home. IP Logged

Richdude Gold Member Offline Australian Politics Posts: 8457 NC Gender:	Re: $500 Billion in Accounting Errors Reply #4 - Oct 23^rd, 2017 at 3:20am Obama was broke when he became Pres and now he has just bought the house he was renting for 8 million. So where did this con get 8 million? A golden handshake for a job well done?
Back to top	The mediocre mind is incapable of understanding the man who refuses to bow blindly to conventional prejudices and chooses instead to express his opinions courageously and honestly.” IP Logged

President Elect, The Mechanic

Gold Member

Offline

Australian Politics

Posts: 17501
Gender: male

Re: $500 Billion in Accounting Errors
Reply #5 - Oct 23^rd, 2017 at 4:25am

Richdude wrote on Oct 23^rd, 2017 at 3:20am:

Obama was broke when he became Pres and now he has just bought the house he was renting for 8 million.

So where did this con get 8 million?

A golden handshake for a job well done?

great question..

where did all of the obamas money come from???

it is suspected that Mueller is doing two jobs for deep state...

one... trying to make up fake charges to reverse the election result

and two... get rid of any evidence liking criminal activity linked to the Clintons and Obama's..

Back to top

Q

The STORM has arrived
Every Dog Has Its Day...
Dark to Light.
Sheep no more.

IP Logged

longweekend58

Gold Member

Offline

Australian Politics

Posts: 45675
Gender: male

Re: $500 Billion in Accounting Errors
Reply #6 - Oct 23^rd, 2017 at 7:24am

President Elect, The Mechanic wrote on Oct 23^rd, 2017 at 4:25am:

Richdude wrote on Oct 23^rd, 2017 at 3:20am:

Obama was broke when he became Pres and now he has just bought the house he was renting for 8 million.

So where did this con get 8 million?

A golden handshake for a job well done?

great question..

where did all of the obamas money come from???

it is suspected that Mueller is doing two jobs for deep state...

one... trying to make up fake charges to reverse the election result

and two... get rid of any evidence liking criminal activity linked to the Clintons and Obama's..

wow... your paranoid delusions are getting worse every day. Time to get back on your medication.

Back to top

AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

IP Logged

Richdude

Gold Member

Offline

Australian Politics

Posts: 8457
NC
Gender: male

Re: $500 Billion in Accounting Errors
Reply #7 - Oct 23^rd, 2017 at 11:52am

longweekend58 wrote on Oct 23^rd, 2017 at 7:24am:

President Elect, The Mechanic wrote on Oct 23^rd, 2017 at 4:25am:

Richdude wrote on Oct 23^rd, 2017 at 3:20am:

Obama was broke when he became Pres and now he has just bought the house he was renting for 8 million.

So where did this con get 8 million?

A golden handshake for a job well done?

great question..

where did all of the obamas money come from???

it is suspected that Mueller is doing two jobs for deep state...

one... trying to make up fake charges to reverse the election result

and two... get rid of any evidence liking criminal activity linked to the Clintons and Obama's..

wow... your paranoid delusions are getting worse every day. Time to get back on your medication.

I wonder where Dead End gets his salary?

About time we found out.

ATO do your job and investigate this loony!

Back to top

The mediocre mind is incapable of understanding the man who refuses to bow blindly to conventional prejudices and chooses instead to express his opinions courageously and honestly.”

IP Logged

longweekend58

Gold Member

Offline

Australian Politics

Posts: 45675
Gender: male

Re: $500 Billion in Accounting Errors
Reply #8 - Oct 23^rd, 2017 at 11:56am

Richdude wrote on Oct 23^rd, 2017 at 11:52am:

longweekend58 wrote on Oct 23^rd, 2017 at 7:24am:

President Elect, The Mechanic wrote on Oct 23^rd, 2017 at 4:25am:

Richdude wrote on Oct 23^rd, 2017 at 3:20am:

Obama was broke when he became Pres and now he has just bought the house he was renting for 8 million.

So where did this con get 8 million?

A golden handshake for a job well done?

great question..

where did all of the obamas money come from???

it is suspected that Mueller is doing two jobs for deep state...

one... trying to make up fake charges to reverse the election result

and two... get rid of any evidence liking criminal activity linked to the Clintons and Obama's..

wow... your paranoid delusions are getting worse every day. Time to get back on your medication.

I wonder where Dead End gets his salary?

About time we found out.

ATO do your job and investigate this loony!

nice to get under your welfare-dependant skin, flat-earther!

Back to top

AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

IP Logged

Lastone

Senior Member

Offline

Australian Politics

Posts: 310
Pakenham, Victoria, Australia
Gender: male

Re: $500 Billion in Accounting Errors
Reply #9 - Oct 23^rd, 2017 at 12:28pm

Richdude wrote on Oct 23^rd, 2017 at 3:20am:

Obama was broke when he became Pres and now he has just bought the house he was renting for 8 million.

So where did this con get 8 million?

A golden handshake for a job well done?

Try checking google
https://www.forbes.com/sites/danalexander/2017/01/20/how-barack-obama-has-made-2...

Quote:

Three-fourths of that money came from lucrative book deals, according to a FORBES analysis of 16 years of tax returns and financial disclosure documents. In total, Obama has earned $15.6 million as an author since arriving in Washington.

Back to top

I am yet to see a trickle down lift anyone up

IP Logged

longweekend58

Gold Member

Offline

Australian Politics

Posts: 45675
Gender: male

Re: $500 Billion in Accounting Errors
Reply #10 - Oct 23^rd, 2017 at 12:30pm

Lastone wrote on Oct 23^rd, 2017 at 12:28pm:

Richdude wrote on Oct 23^rd, 2017 at 3:20am:

Obama was broke when he became Pres and now he has just bought the house he was renting for 8 million.

So where did this con get 8 million?

A golden handshake for a job well done?

Try checking google
https://www.forbes.com/sites/danalexander/2017/01/20/how-barack-obama-has-made-2...

Quote:

Three-fourths of that money came from lucrative book deals, according to a FORBES analysis of 16 years of tax returns and financial disclosure documents. In total, Obama has earned $15.6 million as an author since arriving in Washington.

Flat-earther Richdude just sees a 'black fella' and assumes he stole everything he has.

He is just an old-school racist.

Back to top

AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

IP Logged

Richdude

Gold Member

Offline

Australian Politics

Posts: 8457
NC
Gender: male

Re: $500 Billion in Accounting Errors
Reply #11 - Oct 23^rd, 2017 at 1:22pm

longweekend58 wrote on Oct 23^rd, 2017 at 12:30pm:

Lastone wrote on Oct 23^rd, 2017 at 12:28pm:

Richdude wrote on Oct 23^rd, 2017 at 3:20am:

Obama was broke when he became Pres and now he has just bought the house he was renting for 8 million.

So where did this con get 8 million?

A golden handshake for a job well done?

Try checking google
https://www.forbes.com/sites/danalexander/2017/01/20/how-barack-obama-has-made-2...

Quote:

Three-fourths of that money came from lucrative book deals, according to a FORBES analysis of 16 years of tax returns and financial disclosure documents. In total, Obama has earned $15.6 million as an author since arriving in Washington.

Flat-earther Richdude just sees a 'black fella' and assumes he stole everything he has.

He is just an old-school racist.

You lie! I am record here as saying that the flat Earth theory is not correct and gave the physics why. Unlike you Dead End, I do have an open mind and like to give all ideas a run.

Very prejudiced statement even from a bigot like you Dead End. You know nothing about me yet you make sweeping generalizations - pre-judging or prejudice.

What a jerk!

Fact is Obama came into office broke. A Pres earns about 250k/year - thats 2 mill over 8 years before tax and expenses.

Do the math, Pussy!

Back to top

The mediocre mind is incapable of understanding the man who refuses to bow blindly to conventional prejudices and chooses instead to express his opinions courageously and honestly.”

IP Logged

Marla Gold Member Offline I really hate you Posts: 12821 Colorado Gender:	Re: $500 Billion in Accounting Errors Reply #12 - Oct 23^rd, 2017 at 2:14pm Richdude wrote on Oct 23^rd, 2017 at 1:22pm: You lie! Good call, Putin.
Back to top	I am a kid in the nuthouse. I am a kid in the psycho zone. Psycho Therapy I am going to burglarize your home. IP Logged

greggerypeccary

Gold Member

Offline

Australian Politics

Posts: 131456
Gender: male

Re: $500 Billion in Accounting Errors
Reply #13 - Oct 23^rd, 2017 at 2:17pm

President Elect, The Mechanic wrote on Oct 22^nd, 2017 at 12:46pm:

Quote:

HUD Audit Finds Unheard of $500 Billion in Accounting Errors – So Bad General Counsel Refused to Sign Report!

Obama’s HUD Received One of the Worst Audit Results in US History!

The 2015 and 2016 Fiscal Years HUD audit needed to be restated and reissued. The auditors were not able to initially perform the audit because there were too many material issues and the audit needed to be redone –

HUD reissued its fiscal years 2016 and 2015 (restated) consolidated financial statements due to pervasive material errors that we identified.

The restated audit report shows the following –

The total amounts of errors corrected in HUD’s notes and consolidated financial statements were $516.4 billion and $3.4 billion, respectively.

There were several other unresolved audit matters, which restricted our ability to obtain sufficient, appropriate evidence to express an opinion. These unresolved audit matters relate to (1) the Office of General Counsel’s refusal to sign the management representation letter, (2) HUD’s improper use of cumulative and first-in, first-out budgetary accounting methods of disbursing community planning and development program funds, (3) the $4.2 billion in nonpooled loan assets from Ginnie Mae’s stand-alone financial statements that we could not audit due to inadequate support, (4) the improper accounting for certain HUD assets and liabilities, and (5) material differences between HUD’s subledger and general ledger accounts. This audit report contains 11 material weaknesses, 7 significant deficiencies, and 5 instances of noncompliance with applicable laws and regulations.

These results are shocking.

If a US corporation had similar results their stock holders would flee, the stock price would quickly plummet and the company would quickly go bankrupt within days!

Auditors always have enough information to express an opinion and so for the auditors not to be able to express an opinion shows the results were terrible.

Material weaknesses are unheard of and this audit resulted in 11 material weaknesses.

Plus the Office of General Counsel’s refusal to sign the management representation letter is also appalling. The attorneys inability to sign the management letter is a clear indication that the HUD’s books are in error.

Obama appointed far left Democrat Julian Castro to lead the agency in 2014.

President Barack Obama listens as he is introduced by new Housing and Urban Development Secretary Julian Castro, Thursday, July 31, 2014, at the Housing and Urban Development Department in Washington. (AP Photo/Jacquelyn Martin)

Thank God the Obama years are over!

The Moronic will never learn.

Straight from The Gateway Pundit.

A far-right, pro-Trump blog "known for publishing falsehoods and spreading hoaxes."

Back to top

IP Logged