NEW CFO AUDIT REPORT INDICATES HUD ENHANCED FINANCIAL CONTROLS UNDER LEADERSHIP OF SECRETARY BEN CARSON AND CFO IRV DENNIS

WASHINGTON - The U.S. Department of Housing and Urban Development’s Office of the Chief Financial Officer (CFO) today issued its Financial Statement Audit Opinion which was classified as an unqualified opinion by the Office of Inspector General (OIG) for the first time in eight years. This report illustrates the number of material weaknesses, significant deficiencies, and non-compliances across the Department, including Ginnie Mae and FHA since the previous administration.

Prior to HUD CFO Irv Dennis’ arrival, the Department had been without a dedicated CFO for several years causing severe mismanagement in a vital government agency. After being approved by the Senate in 2017, HUD CFO Irv Dennis led this financial transformation effort after years of neglect by the previous administration. Under Secretary Carson’s leadership, he has successfully revamped HUD’s audit process, reduced the number of material weaknesses in the financial systems at HUD from 9 in 2018 to 1; and ensured compliance with federal laws and regulations where HUD had previously been non-compliant.

“Millions of people across the nation rely on HUD to keep a roof over their head so when the Department’s financial controls are left without proper oversight, it really can have a tremendously negative impact on our country’s most vulnerable citizens. So for me, this job is personal, not political,” said HUD CFO Irv Dennis.

The audit resolution continues the trajectory of fiscal responsibility that was set in place under the leadership of Secretary Carson.

“When an institution becomes insulated from the success or failure of its policies, it loses its incentive to operate efficiently. Private businesses, while engaged in different work than the federal government, do not have the luxury of being protected from their failures or maintaining damaging courses of action,” said HUD Secretary Ben Carson. “Irv Dennis was able to accomplish the impossible task of providing the financial stability that had gone left unchecked for so many years.”

Click here to read the full report.