HUD Audits
HUD Audits for Public Housing, Section 8 Housing, and Insured Multi-Family Housing Programs
Generally, participants in public housing, Section 8 housing and in the insured multifamily housing program must prepare annual financial reports in accordance with U.S. Department of Housing and Urban Development CHUD guidelines. The financial reports must follow generally accepted accounting principles (GAAP). The reports must also be submitted to HUD electronically for evaluation within 90 days of their year-end.
Each year, approximately 3,200 Public Housing Authorities (PHAs) and each owner of about 21,000 insured/assisted multifamily properties submit audited financial statements to HUD. HUD uses these submissions to assess the financial strength and regulatory compliance of each PHA or property.
Not every CPA can audit HUD programs. HUD audits are unique and complex and require certain specific disclosures. Our firm’s focus on Housing and FHA audits allow us to serve as experts to focus on knowing those intricacies. We stay current on new standards and regulations that affect you and your business. So, we spend time in training to develop our skills in HUD audits to ensure you get the highest quality of service.
With the ever changing audit standards, it can become confusing to try to navigate through it all. Failure to comply with HUD can mean big penalties, increased overhead and even disqualification from HUD programs. That's where the professionals at George S. Daugharty, CPA, P.C. can help you.