| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
|---|---|---|---|---|---|
| #6854 | Closed | public | Multifamily | Les Sparks |
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We are in the process of doing our internal firm inspection. One of the questions on the checklist for review of Audits of HUD engagements asks: Did the auditor include in the audit report or an accompanying transmittal letter [HUD ch. 1, par. 1-7] the auditors Federal Employer ID # and the identification of the name address, and telephone of the audit partner? The auditor’s transmittal letter is included in the REAC but we haven’t historically included it in the hard copy of the financial reporting package that we provide to the client. How are other firms handling this? Do they simply insert the REAC hard copy in its entirety within the financial statements or do you have an example of the format that is used? We use PPC for most of our templates and I am not seeing examples where the transmittal letter has been included or any templates for this letter. I know what needs to be on there just trying to figure out the formatting. We have gone thru two peer reviews since 2012 and this has never been identified so I’m wondering it is only required if submitting a hard copy to HUD or if inclusion in the REAC is sufficient. |
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From Les Sparks: Most of the firms we deal with have the information in the report somewhere. Some have a transmittal letter. Some place the info at the bottom of the report and some include it on the cover page. They usually include name, phone, EIN somewhere. |