How do you end up with $516.4 billion in accounting errors?
—
“Officials at HUD fixed $3.4 billion in errors from its 2015 books and $516.4 billion in errors from its 2016 books after the IG in December was unable to issue an opinion on either year’s financial statements and highlighted 11 material weaknesses, seven significant deficiencies and five instances of failure to comply with laws and regulations.”
https://www.hudoig.gov/sites/default/files/documents/2017-FO-0005.pdf
HUD Can Fix $520 Billion In Accounting Errors, But Still Can’t Document Its Spending
Department of Housing and Urban Development’s (HUD’s) financial books are in such bad shape that HUD’s Inspector General (IG) can’t complete an audit even after HUD officials corrected $520 billion in