News

USDA Issues Letter Clarifying New Reporting Requirements for FY 2017

February 6, 2018

In late 2017, the USDA Rural Development issued a Final Rule on revised audit procedures. Implementation of that rule will ultimately require a major program audit for for-profit projects in excess of $500,000. Concurrent with this change the Agency will be eliminating the current AUP requirement. Subsequent guidance indicated that audits for 2017 year ends […]

19th Annual PHA Conference – June 21-22, 2018

January 30, 2018

Announcing the 19th Annual PHA Conference June 21st & 22nd, 2018 June 21st: 8:00 am – 5:00 pm June 22nd: 8:00 am – 3:10 pm Course Fee: $650 ($600 for AHACPA Members) Register before May 21st for a $50 early-registration discount The Cosmopolitan of Las Vegas 3708 Las Vegas Blvd South Las Vegas, NV 89109 […]

Rural Development Final Rule on Reporting Requirements

October 31, 2017

On October 25, The Department of Agriculture’s Rural Housing Service (RHS) department released the long-awaited final rule (Rule) regarding financial reporting and auditing requirements for the Agency’s 515 Direct Loan program.  The action was deemed necessary to align the RHS reporting requirements with those of similar agencies. In summary, entities expending $500,000 or more in federal […]

New Agreed-Upon Procedures Reports Available

October 18, 2017

October 18, 2017 [Update] HUD posted the following on their website today. Statement on Standards for Attestation Engagements 18 (SSAE 18) FASSUB requires that audited submissions contain an attestation in which a CPA compares the electronic submission with the hard copy audit report.  In April of 2016 the AICPA released Statement on Standards for Attestation […]

Don’t Let the Proposed Changes to the Yellow Book Catch you Off-Guard

October 16, 2017

There is still time to sign up for one of our fall CPE classes.  The discussion on the upcoming changes to the Yellow Book will be invaluable to your practice.  Les Sparks will go in depth to help you understand the proposed changes. Some of the key proposed changes to the Yellow Book include:

Register Now for Fall CPE

October 2, 2017

Our Fall CPE training is underway.  Don’t miss out on this invaluable HUD auditing and accounting education. Make sure you check out our CPE calendar. Multifamily Update Topics will include: Yellowbook: Independence, Documentation, Professional Judgement, Competence, Continuing Professional Education, Going Concern (ASU 2014-15, SAS 132) Financial and Compliance Auditing Update: Peer Reviews, Audit Documentation, Common Engagement […]

New AHACPA Website

October 2, 2017

We are happy to announce the arrival of our new and improved AHACPA website. New & Improved Library  We are pleased to present an easier way to access publications, guides, templates, tools, and other documents. Our new Resource Library contains all of our available documents in one place with the added ability to sort, filter, […]

REAC Guidance on Debt Issuance Costs

May 16, 2017

AHACPA continues to receive numerous questions regarding REAC’s position on the implementation of ASU 2015-03 on debt issuance costs. Since the original REAC notice, the guidance has been somewhat neglected. To remind auditors and clients of the guidance, AHACPA wishes to reiterate the following: HUD has indicated the debt issuance costs should be removed from […]

REAC’s Deputy Assistant Secretary, Donald J. LaVoy, to Speak at PHA Conference

May 16, 2017

We are excited to announce that D.J. LaVoy has been added to our outstanding lineup of speakers for the 18th Annual PHA Conference. Mr. LaVoy is the Deputy Assistant Secretary for HUD’s Real Estate Assessment Center (REAC). He joined HUD and established REAC in 1998. Over the course of the following four years he created […]

HUD Audit Guide Chapter 7 Updated

November 9, 2016

HUD OIG has released the Consolidated Audit Guide revised Chapter 7 – ‘FHA-Approved Lenders Audit Guidance’.  The transmittal letter issued in October 2016 lists the significant changes as: Certain mortgagee letters and chapters of HUD Handbook 4060.1 were retired with the issuance of HUD Handbook 4000.1. References were updated to reflect these new changes. HUD Handbook 4000.1 only applies to single family […]

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