January 4, 2019

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

October 1, 2018

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

July 16, 2018

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

February 6, 2018

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

January 30, 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

October 31, 2017

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

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

October 16, 2017

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 […]

Register Now for Fall CPE

October 2, 2017

Our Fall CPE training is underway. Don’t miss out on this invaluable HUD auditing and accounting education. Make sure you check out our CPE calendar. Multifamily Update Topics will include: Yellowbook: Independence, Documentation, Professional Judgement, Competence, Continuing Professional Education, Going Concern (ASU 2014-15, SAS 132) Financial and Compliance Auditing Update: Peer […]

New AHACPA Website