Update on Rural Housing Audits for 2019

AHACPA

Update on Rural Housing Audits for 2019

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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CPE Credit Information


Objective: To learn HUD accounting, auditing, and electronic submission requirements and how to efficiently implement those requirements.
Prerequisites / Advanced Preparation: General HUD accounting or audit experience. You do not need to print any course materials prior to your arrival. All materials will be provided for you.
Instructional Method: Group-Live with interactive discussion and Group Internet Based
Length / CPE Credits: One-day Update Courses provide up to 8 hours CPE credit (4 hours governmental accounting and 4 hours governmental auditing). Two-day Conferences provide up to 16 hours CPE credit (8 hours governmental accounting and 8 hours governmental auditing).
Cancellation Policy: All cancellation requests must be received in writing (email or fax is fine). Registration fees are fully refundable provided the request is received at least three weeks prior to the course. Requests received after this date, but one week before the course will receive a refund less an administration fee of $50 for Update Courses and $100 for Conferences. Due to financial obligations incurred by AHACPA, no refunds will be issued for cancellation requests received less than a week before the course.
Substitutions: If you are unable to attend a course you may substitute another individual or change locations without penalty. The location change must be within the same calendar year. For proper CPE credit and record keeping, you must notify us in advance of any substitution or change in location.
Contact Information: For more information regarding refund, complaint, and/or program cancellation policies, please contact our office at 801-547-0809.  


AHACPA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.


Affordable Housing Association of Certified Public Accountants (AHACPA)
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HUD Audit Guide Chapter 7 Updated

HUD OIG has released the Consolidated Audit Guide revised Chapter 7 – ‘FHA-Approved Lenders Audit Guidance’.  The transmittal letter issued in October 2016 lists the significant changes as:

  • Certain mortgagee letters and chapters of HUD Handbook 4060.1 were retired with the issuance of HUD Handbook 4000.1. References were updated to reflect these new changes. HUD Handbook 4000.1 only applies to single family lenders with the exception of section I.A.1 – I.A.9, which also applies to multifamily lenders.
  • Regulatory references were made to update current requirements.
  • The information contained on this site is designed to provide accurate information in regard to the subject matter covered. However, this site is not a substitute for the promulgated standards or regulatory guidance. The information is provided with the understanding that AHACPA is not engaged in rendering legal, accounting, or other professional advice. If such advice is required, the services of a competent professional should be secured.