RD Section 538 GRRHP Audit

ID Status Date Public/Private Industry AHACPA Contact
#16821 Closed public Rural Development Les Sparks
Customer Reply

We are engaged to audit a for profit entity with an RD Section 538 guaranteed loan.  HB-1-3565 is the ruling handbook and contains outdated (2011) audit guidance.  Does the guidance in HB-2-3560 now apply to Section 538 guarantees as well?  (538 is listed on the audit determination form) If so, I assume we just ignore all the non-applicable items?

Les Sparks

Dawn, the guidance for the 515 program in 3560 is not applicable to the 538 program. For the present, the 538 Guide should continue to be used, albeit with updated reports. Who knows when they will get around to updating it.

 

Good luck with the next week!!!

 

 

Les Sparks
AHACPA | 459 N 300 W #10 | Kaysville, UT 84037 | Phone: 801-547-0809
Support Center  | Send a Secure File | AHACPA Newsletter | Twitter

 

From: AHACPA Support <[email protected]>
Sent: Friday, March 25, 2022 11:03 AM
To: [email protected]
Subject: RD Section 538 GRRHP Audit [NEW]

Customer Reply

Thanks.  Just a further clarification.  The 538 guide requires non-major compliance report for programs between $500k-$2M and still requires report on AFHM – I’m assuming that is still correct? 

 

Thanks for your help!

Dawn Wynn, CPA

Browder & Associates, P.C.

One Independence Plaza, Suite 322

Homewood, Alabama 35209

 

office 205.803.2193

cell 205.249.6038

 

From: AHACPA Support <[email protected]>
Sent: Friday, March 25, 2022 12:15 PM
To: Dawn Wynn <[email protected]>
Subject: Reply to: RD Section 538 GRRHP Audit

Les Sparks

That is still correct.

 

Les Sparks
AHACPA | 459 N 300 W #10 | Kaysville, UT 84037 | Phone: 801-547-0809
Support Center  | Send a Secure File | AHACPA Newsletter | Twitter

 

From: AHACPA Support <[email protected]>
Sent: Friday, March 25, 2022 12:06 PM
To: [email protected]
Subject: RD Section 538 GRRHP Audit [Client Reply]

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