| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
|---|---|---|---|---|---|
| #7260 | Closed | public | Multifamily | Les Sparks |
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Your sample HUD nonprofit audit engagement letter says that records will be retained for six years, which is what we have been following for some time. However, the Uniform Guidance requirements say that it is three years for nonprofit (and six for for profit). I would just like to verify with you before we move the three years to make sure that is correct. |
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From Les Sparks: The 6 years comes from the HUD Audit Guide chapter 1. Obviously, the UG guidance is already quoted. Those are the periods that I know of. Les E. Audit Documentation. The auditor must retain audit documentation (previously referred to as audit working papers) and reports for a minimum of 6 years from the submission of the audit report to HUD, unless the auditor is notified in writing by HUD or GAO to extend the retention period. When an auditor becomes aware that HUD or the auditee is contesting an audit finding in the report, the auditor may contact the single audit coordinator for further guidance regarding the length of time the related audit documentation should be held before destruction of that audit documentation and report. |