This session will cover timely topics associated with the Public Housing program.  Topics covered in this session include: 1) General PH updates and risk areas,  2) Updates to HUD guidance on PIC reporting for Tenant Unit Status category and sub-categories for Operating Subsidy; 3) PIC reporting for unit designated as elderly or disabled; 4) Re-start of scoring under the Public Housing Assessment System – PHAS; and 5) CAREs Act closeout / SF-425

Session will cover latest HUD/REAC initiatives affecting PHAs. These include NSPIRE, resumption of PHAS scoring, physical inspections and financial assessments.

This session will cover timely topics associated with the HCV program.  Topics covered in this session include: 1) General HCV program updates, 2) Changes to Family Self-Sufficiency (FSS) program escrow account per Section 306 of the Economic Growth Act; and 3) VMS reporting – new VMS data fields (e.g., Emergency Housing Vouchers) and other updates to Voucher Management System (VMS) data fields.

This session will cover key financial reporting considerations for PHA RAD conversions including the type of funding contract utilized, no debt transactions, conversions involving low-income housing tax credits (LIHTCs), and final closeout of the Public Housing Program.

REAC has been conducting Quality Control Reviews (QCRs) remotely for the past two years; during FFY 2022 REAC has resumed on-site CPA firm QCRs. This session will cover the REAC QASS QCR process and discuss common findings during recent reviews.

Session will cover the latest PHA impacts from Leases and Component Units. This session will include increased focus on the nature of component unit relationships to the reporting entity. Further impact of these decisions on the reporting entity as well as audit impacts. Group audit standards will also be discussed as to relevance. Will contain specific examples for contracts and other agreements. Impact of asset repositioning will be included.

Focus on recent audit standard changes affecting PHA audits, including all reports. Review of specific Single Audit changes and impacts to the compliance supplements. Emphasis on new opinion letters and FASS-PH Agreed Upon Procedures (Example report, need for separate engagement letter, new process – attach own AUP report.)

Session will focus on key audit issues being addressed in Peer and QASS Reviews. We will address items highlighted in these reviews.