Status of Prior Audit Findings

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ID Status Date Public/Private Industry AHACPA Contact
#7603 Closed public Multifamily Les Sparks
Customer Reply

I have a client that had two HUD Projects that had a finding for a distribution in excess of mid-year surplus cash available. On one of the projects, HUD made them put the excess distribution back into the project and on the other project, HUD did nothing. On the project where HUD did nothing, should the status of prior audit findings be unresolved, since they didn’t put the money back into the project or should it be resolved, inferring implied resolution from HUD’s inaction?
Kathy Christensen

From Les Sparks:

I guess this all depends on what happened in the next period. If they took too much in June, it likely caught up with them in the next 6 months. If by the end of the year they are in the same position that they would have been if they did it correct, then I would say that it is corrected. If they are still in an over-distribution situation then it is not cleared.

Les

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