HUD Audits for Public Housing, Section 8 Housing, and Insured Multi-Family Housing Programs
Generally, participants in Section 8 housing and in the insured multifamily housing programs must prepare annual financial reports in accordance with the U.S. Department of Housing and Urban Development (HUD) 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 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 allows 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 Daugharty & Company, P.C. can help you.