FHA Lender Audit Work Paper Preparation

ID Status Date Public/Private Industry AHACPA Contact
#7788 Closed public FHA Lender
Customer Reply

For my audit workpaper preparation, especially in test of controls over compliance, do you have checklists or templates which peer reviewer would satisfy with? I did purchase PPC guide for HUD audit and refer to your Quality Control Plan Checklist, but I still feel I might be missing something. Would these suffice? 

Kathy Christensen

From Mike Olsen:

We do not have a checklist for test of controls over compliance. We do have a sample Compliance report which list all of the compliance areas you must test. In addition, there is Chapter 7 of the HUD Audit guide which you should follow and goes through most of the compliance areas. However, the HUD Audit Guide has not been updated for several years, so there are some additional procedures you may need to do that are not included in the HUD Audit Guide. In our Lender training class we discuss compliance and what each compliance area entails. Although we do not go over audit procedures, we do discuss what they need to be in compliance with. We have 2 more Lender training classes, one in Chicago next week and our final one in Lase Vegas on December 12, 2016. In addition, you can go through the 1st chapter in the 4000.1 Single Family Housing Policy Handbook, Doing Business With FHA.

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