REAC Multifamily Validation Error for Account S1200-610
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 message was posted in the FASSUB […]
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 […]
USDA Issues Letter Clarifying New Reporting Requirements for FY 2017
In late 2017, the USDA Rural Development issued a Final Rule on revised audit procedures. Implementation of that rule will ultimately require a major program audit for for-profit projects in excess of $500,000. Concurrent with this change the Agency will be eliminating the current AUP requirement. Subsequent guidance indicated that […]
19th Annual PHA Conference – June 21-22, 2018
Announcing the 19th Annual PHA Conference June 21st & 22nd, 2018 June 21st: 8:00 am – 5:00 pm June 22nd: 8:00 am – 3:10 pm Course Fee: $650 ($600 for AHACPA Members) Register before May 21st for a $50 early-registration discount The Cosmopolitan of Las Vegas 3708 Las Vegas Blvd […]
Rural Development Final Rule on Reporting Requirements
On October 25, The Department of Agriculture’s Rural Housing Service (RHS) department released the long-awaited final rule (Rule) regarding financial reporting and auditing requirements for the Agency’s 515 Direct Loan program. The action was deemed necessary to align the RHS reporting requirements with those of similar agencies. In summary, entities expending […]
New Agreed-Upon Procedures Reports Available
October 18, 2017 [Update] HUD posted the following on their website today. Statement on Standards for Attestation Engagements 18 (SSAE 18) FASSUB requires that audited submissions contain an attestation in which a CPA compares the electronic submission with the hard copy audit report. In April of 2016 the AICPA released […]
Don’t Let the Proposed Changes to the Yellow Book Catch you Off-Guard
There is still time to sign up for one of our fall CPE classes. The discussion on the upcoming changes to the Yellow Book will be invaluable to your practice. Les Sparks will go in depth to help you understand the proposed changes. Some of the key proposed changes to […]