Update on Rural Housing Audits for 2019
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 […]
How ASU 2016-18 Will Impact Your Upcoming Audits
How ASU 2016-18 will Impact your Upcoming Audits With 2019 audit planning right around the corner, AHACPA wants to let you know of a significant change that will impact your audits. ASU 2016-18 is effective for fiscal years beginning after December 15, 2018. Accordingly, calendar 2019 year ends are required to […]
AHACPA Announces HUD 101 Webinar Course
New to HUD Audits? Just in time for Back to School… We are introducing our first ever HUD 101 course. AHACPA will be conducting a new webinar series for persons new to the HUD audit area. This course will be an introduction to the required concepts for auditing HUD Projects. […]
RAD Conversions for Section 202 PRACs
Recently HUD emailed interested parties a notice of a proposed change to the existing RAD Notice. This draft notice is available here or a pdf copy can be downloaded here. The proposed change would allow Section 202 projects to convert to the RAD program. Although Section 4 is lengthy, AHACPA wishes to notify users about this […]
HUD Findings for FHA Approved Lenders
During the last few weeks AHACPA has received various questions and comments from members related to FHA findings. As a result, we wish to provide additional guidance on the following matters. Upfront MIP Payments Multiple lenders have been receiving notices of penalties for the late payment of up-front MIP (UFMIP). […]
[SOLVED] REAC Multifamily Validation Error for Account S1200-610
2/14/2019: This issue has been resolved We have received numerous emails and calls related to a validation error on certain owner-certified submission to REAC. The problem does not appear to affect normal audited submission. REAC was notified of the error and they are currently working on a solution. The following […]
What the Government Shutdown Means for You
We have fielded many questions regarding the government shutdown and upcoming submission process. Here is a general summary of what you may expect: You will not be able to reach anyone at HUD via email or phone. We will not know until the shutdown ends whether there will be an extension […]
FASSUB Changes to Non-Profit Template
In August of 2016 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14 regarding the presentation of financial statements for nonprofit entities. The ASU is effective for annual financial statements issued for fiscal years beginning after December 15, 2017. For simplicity reasons FASSUB will be modified to […]
Adapting to New Rules on Independence
With the continued issues on independence related to HUD audits, AHACPA want to remind members regarding a few recent changes now becoming effective. HUD audits have a substantial amount of independence risk related to non-audit services (NASs). One of the most consistently reported NASs is the calculation of depreciation for […]
Increase in Civil Money Penalty Amount for Non-Filers
Federal Register 83 FR 32790 Effective August 15, 2018, civil money penalties for Multifamily & Section 202 or 811 violations increase from $48,114 to $49,096. This rule provides for 2018 inflation adjustments of civil monetary penalty amounts required by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended […]