Prepare for Changes to HUD Audits of Multifamily Programs
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The U.S. Department of Housing and Urban Development (HUD) updated the Consolidated Audit Guide for Audits of HUD Programs in July 2008 with revisions to Chapter 3, Multifamily Housing Programs. Although the guide is specific to profit-motivated and limited distribution owners, LarsonAllen is monitoring potential impact for nonprofit organizations. These changes apply to fiscal years ending on or after December 31, 2008.
HUD programs affected by Chapter 3 include:
- Section 8
- Section 231
- Sections 232 and 223(f)
- Section 236
- Sections 221(d)(3) and 221(d)(4)
Areas of change include, but are not limited to:
- New and required compliance testing
- Sample size methods
- Group project-basis sampling options
- Clarification of residual receipts deposit timing
- Auditing of centralized cash accounts
“The changes are significant and will have applicability to all for-profit HUD engagements that we perform,” says Chad Kunze, health care principal with LarsonAllen. “We recommend for-profit HUD project owners download a copy of the updated guide from the HUD Web site and begin preparation now.”
LarsonAllen has been monitoring the updates to the HUD audit guide and will bring you additional information about how these changes will affect the audit process, required procedures, as well as applicability to nonprofit organizations. If you have questions, please contact Chad Kunze, health care principal, or your LarsonAllen advisor.
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