Rural Development final rule financial reporting requirements 515 programs

ID Status Date Public/Private Industry AHACPA Contact
#9102 Closed public Rural Development Les Sparks
Customer Reply

Hello,

Since RD issued the final rule related to financial reporting requirements in 2017 moving to a risk based modified version of the HUD audit guide, has there been any further guidance issued?  Has RD issued its own audit guide or is there any news of them issuing one in the future?  Has there been any clarification of what compliance requirements in the HUD audit guide RD believes are more applicable than others related to the 515 program?  Thanks for your help we are beginning to plan our 2018 audits and develop compliance testing.

I appreciate your time.

Les Sparks

Tyler, I have been a slug in getting this answered.  The short answer is that there is a proposed Guide out there.  I have just completed some review of this document.  I have attached it.  Just to clarify, NOTHING changes this year.  It will all be effective next year.  It will be a dollar-based determination of both audits and the major program at $500K.  The biggest change will not be the move from AUP to compliance opinions, it will likely be projects with < than 24 units not getting auditsif they have over $500K in awards.

 

Inside the chapter 4, you will find the proposed audit procedures.

 

Les

 

Les Sparks
AHACPA

800-532-0809

 

 

From: AHACPA <[email protected]>
Sent: Thursday, September 20, 2018 6:00 PM
To: [email protected]
Subject: [7 days Outstanding] Rural Development final rule financial reporting requirements 515 programs

Customer Reply

I am out of the office at a conference through Friday the 21st.  I will respond as soon as I can.  If you have an urgent matter please call James
Hawkins, Kyler Williams or my cell phone.

 

Thank you

 

Customer Reply

Hello,

 

This appears to be transposed with another person because I am not Bob.

 

Thanks you for your help in resolving my question

 

From: AHACPA <[email protected]>
Sent: Thursday, September 20, 2018 11:17 PM
To: Tyler C. Curtis <[email protected]>
Subject: Reply to: Rural Development final rule financial reporting requirements 515 programs

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