Update on Rural Housing Audits for 2019
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As many of you know, Rural Development (RD) issued an Unnumbered Letter in February discussing the pending adoption of the their Audit Guide (Guide) for calendar year 2019. As of today, this Guide has not been issued. The lack of a published Guide is becoming an issue given the late date. Last Friday, Cohn Reznick was able to obtain a phone meeting with RD to discuss their plans. AHACPA was pleased to participate in this conversation. Although nothing has yet been issued, we have been told that such a Guide is through the clearance process and is expected to be issued within the month.
Several CPA firms have indicated that the lack of an issued Guide presents a problem meeting the deadlines required for RD. These concerns were communicated to RD. They reiterated their intent to pursue implementation of the Guide for 2019. It appears unlikely that another extension will be granted. However, they indicate an understanding of these issues and plan on allowing extensions of the reporting deadline for 2019. It appears that such extension will not be a blanket extension, but will be granted on a case-by-case basis. AHACPA has been presented with several questions regarding the unnumbered letter. RD intends to issue an additional Q&A document to address any outstanding concerns. We will let you know when the Guide is issued. We will schedule a Rural Development webinar when the Guide has been issued. We will send out a notice when that is available. |
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Affordable Housing Association of Certified Public Accountants (AHACPA)
459 N. 300 W. Suite 11
Kaysville, UT 84037
(801) 547-0809
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