CPE: 8 hours
Category: Government & Nonprofit
Prerequisites: Some experience with HUD-assisted projects or equivalent knowledge.
Advanced prep: None
Who should attend: CPA firm audit managers and others involved in auditing HUD-assisted projects, government auditors and HUD-assistance grantees.
For HUD-assisted housing owners and managers, navigating the audit environment surrounding these projects take precision to avoid falling into compliance pitfalls. Learn to recognize and apply the latest changes in the federally-assisted housing industry and efficiently plan, perform and report a HUD-assisted engagement. We'll also explore the effects of OMB Circular A-133 on HUD-assisted not-for-profit entities.
Formerly titled: Advanced Auditing of HUD-Assisted Projects: Common Pitfalls
- Identify unique issues of HUD-assisted project environment.
- Determine components of due professional care that are applied to the HUD-assisted project environment.
- Identify required disclosures for HUD audits.
- Recognize HUD’s policy on submission, review and reporting requirements.
- Identify the requirements for the separate agreed-upon procedures engagement prior to submission of the financial data templates to REAC.
- Determine compliance requirements for Title I and Title II approved lenders.
- HUD audit environment
- Audit and fieldwork standards for HUD-assisted projects
- Audits of HUD-regulated lenders
- Audit reporting standards for HUD-assisted projects
- Annual financial statement requirements