The U.S. Department of Housing and Urban Development (HUD) can require audits of entities participating in various HUD programs. For example, HUD requires audits of for-profit participants (e.g., multifamily housing entities, lenders, etc.) in selected HUD Housing programs under the HUD Consolidated Audit Guide. Not-for-profit and governmental organizations that participate in HUD housing programs also fall under the requirements of the Single Audit Act and the Office of Management and Budget (OMB) Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
HUD audits are designed to provide HUD managers with clarity as to whether the auditee has:
- Provided accurate financial data and reports
- Controls and processes in place to ensure the HUD programs are managed in accordance with regulations and applicable laws
- Used federal funds properly and with compliance to terms and conditions outlined
For these reasons, it’s imperative that your auditor have experience with the various HUD programs and their related compliance and audit requirements. Our team works diligently to stay current on standards and regulations around HUD audits which can often be complex. If your entity requires a HUD audit, contact our team today to ensure you receive the quality service and expertise you require.