This audit guide is intended to assist independent auditors in performing audits of profit-motivated entities that are subject to HUD’s uniform financial reporting standards (See 24 CFR (Code of Federal Regulations) Part 5, Subpart H, and 24 CFR Part 202.5(g)).
This audit guide is divided into chapters. Chapter 1 documents the purpose, background, and general requirements for performing a HUD-required audit. It also includes other matters the auditor should consider in preparing for the audit. Chapter 2 contains the reporting requirements. Both chapters 1 and 2 apply to all audits covered by this audit guide. Each of the remaining chapters contains procedures for auditing compliance with requirements pertaining to the specific HUD program(s) being audited.
INFORMATION FOR INDEPENDENT PUBLIC ACCOUNTANTS & CLIENTS – AUDITS OF HUD PROGRAMS
Questions to HUD OIG on audit procedures
To ask questions for audits of not-for-profit or for-profit sponsors,
a. Email questions to
HUD OIG Single Audit Coordinator HUDOIGSingleAuditCoordinator@hudoig.gov.
Include your telephone number to discuss orally if needed.
b. To discuss questions or problems, call
866-492-1740. Please provide your name, a brief description of the issue, and a telephone number where you can be reached. We aim to return your call within 24 hours during normal business hours.
Questions to HUD program management on HUD program requirements and procedures
HUD contact numbers are also located in the Consolidated Audit Guide for Audits of HUD Programs. The chapters and contact numbers are:
|Multifamily Housing, chapter 3||(202) 402-3730|
|Development Cost Certifications, chapter 5||(202) 708-0614, ext. 2559|
|Ginnie Mae Issuer of Mortgage-Backed Securities, chapter 6||(202) 708-1535|
|FHA-Approved Lenders Audit Guidance, chapter 7||(202) 755-7400|
Office of Management and Budget
The Office of Management and Budget (OMB) home page provides Internet users access to a broad range of OMB documents, including the President’s budget and related material, OMB circulars and bulletins, status reports on OMB’s regulatory and paperwork management programs, Federal Register submissions, and other OMB significant reports.
Council of Inspectors General review guides for OMB A-133 audits
The Council of Inspectors General on Integrity and Efficiency (CIGIE) developed two guides for all Federal agencies to uniformly review the quality of auditors’ work in performing audits of Federal programs. When these guides were developed, they were shared with the independent auditors so they could consider them in the quality review of their audits. The following are links to those guides:
The objectives of this desk review guide are to
- Determine whether audit reports for audits performed under OMB Circular A-133 (hereafter referred to as “A-133”) are acceptable under the reporting requirements of A-133,
- Identify any quality issues that may warrant follow-up audit work or revisions to the audit report,
- Identify audits for potential quality control reviews, and
- Identify issues that may require management attention.
This guide is effective for desk reviews of A-133 audit reporting packages (as defined at A-133.320(c)) for fiscal years ending on or after June 15, 2010.
The objectives of this quality control review (QCR) guide are to
- Determine whether the audit was conducted in accordance with applicable standards, which include generally accepted government auditing standards and generally accepted auditing standards, and meets the requirements of Office of Management and Budget (OMB) Circular A-133;
- Identify any follow-up work needed to support the opinions contained in the audit report; and
- Identify issues that may require Federal program management attention.
This guide is effective for QCRs of A-133 audits performed for audit periods ending on or after June 15, 2010. It is intended that this guide serve as the minimum documentation to support the QCR.
Consolidated Audit Guide for Audits of HUD Programs (HUD Handbook 2000.04, REV 2)
The purpose of this Guide is to assist independent auditors in performing program-specific audits of participants in selected HUD Housing and Government National Mortgage Association programs. The auditees generally audited under this Guide are for-profit entities (Note: Not-for-profit and governmental organizations that participate in HUD housing programs would fall under the requirements of the Single Audit Act and Circular A-133 and not this Guide).
Audits under the Guide must also be performed in accordance with the standards for financial audits in Government Auditing Standards, issued by the Comptroller General of the United States. HUD OIG continues to work on a revision of the Guide. The revised Guide is being issued on a chapter-by-chapter basis.
Link to the Guide here.
Superseded Consolidated Audit Guide for Audits of HUD Programs
The chapters in HUD Handbook 2000.04, REV-2, CHG-1, dated December 2001, were superseded as each revised chapter was issued. When all chapters are revised, they will be consolidated into one document, which will be the Consolidated Audit Guide for Audits of HUD Programs, REV-3.
The superseded chapters of the December 2001 Guide are needed in the event that audits of activities on or before the dates of the revised chapters are performed, which would be covered by the superseded Guide. Also, they are needed as reference material should quality control reviews be made of audits performed before the dates of the revised chapters.
Link to superseded guide to come.
U.S. Government Accountability Office Yellow Book
The 2011 revision of Government Auditing Standards is effective for financial audits and attestation engagements for periods ending on or after December 15, 2012, and for performance audits beginning on or after December 15, 2011.
Generally accepted government auditing standards (GAGAS) provide a framework for conducting high quality audits with competence, integrity, objectivity, and independence. These standards are for use by auditors of government entities, entities that receive government awards, and audit organizations performing GAGAS audits.
Federal Audit Clearinghouse
The Federal Audit Clearinghouse operates on behalf of the Office of Management and Budget (OMB). Its primary purposes are to:
- Distribute single audit reporting packages to Federal agencies.
- Support OMB oversight and assessment of Federal award audit requirements.
- Maintain a public database of completed audits.
- Help auditors and auditees minimize the reporting burden of complying with Circular A-133 audit requirements