Preparing for a HUD audit can be a complex and daunting task. Ensuring compliance with HUD regulations requires meticulous planning, thorough documentation, and a proactive approach. Here, we share key insights to help you navigate the preparation process and achieve a successful HUD audit outcome. Understand the Scope of the HUD Audit The first step […]
Navigating the complexities of a HUD audit can be a daunting task for any organization. At Wilson & Associates, we’ve guided numerous clients through the HUD audit process, ensuring compliance and minimizing stress. In this blog, we’ll share essential tips and best practices to help you prepare for and succeed in your HUD audit. Understanding […]
To ensure compliance in a HUD audit, it is important to look for several key factors. First, ensure that all documentation and records are organized, complete, and accurate. Review the property’s financial statements, tenant files, and lease agreements for adherence to HUD regulations. Verify that the property is following income and rent restrictions, properly determining […]
An effective HUD audit plan should include several essential elements. Firstly, it should clearly define the scope and objectives of the audit, outlining the specific areas and activities to be reviewed. It should also establish a comprehensive audit methodology, with specific audit procedures and techniques to be followed. The plan should prioritize risks and identify […]
HUD audits, or audits conducted by the Department of Housing and Urban Development, are comprehensive examinations of financial records, programs, and activities undertaken by organizations that receive federal funding through HUD. These audits are aimed at ensuring compliance with HUD regulations, policies, and procedures. They assess financial management practices, program effectiveness, and the integrity of […]
This Notice announces the continued availability of supplemental operating funds for Section 8, Section 202, and Section 811 properties to prevent, prepare for, and respond to the coronavirus disease discovered in 2019 (COVID-19)1 and establishes an application process for owners of properties assisted under these programs to request funds for one or more of these purposes.
The U.S. Government Accountability Office (GAO) today issued a new revision of Generally Accepted Government Auditing Standards, also known as the “Yellow Book.” Last revised in 2011, the Yellow Book is designed to help government auditors at the federal, state, and local levels produce high-quality audits that reflect competence, integrity, objectivity, and independence.
On June 2, 2013, the GAQC issued its comment letter on the Office of Management and Budget (OMB) Proposed Rule, Reform of Federal Policies Relating to Grants and Cooperative Agreements: Cost Principles and Administrative Requirements (Proposed Rule), and the related, Proposed OMB Uniform Guidance: Cost Principles, Audit, and Administrative Requirements for Federal Awards (Proposed Guidance). GAQC Alert #211.
In GAQC Alert #221, we informed you about the OMB proposed changes to the DCF and guidance that was being developed for situations when 2013 single audits are completed prior to the final 2013 DCF being available.