- NY Credits : 8.0
- TX Credits : 8.0
This interactive self-study course discusses issues related to HUD audit engagements. Lesson 1 discusses accounting considerations for and the financial statement presentation of HUD entities. Topics covered include investments; rental revenue, other income, and receivables; debt and other liabilities; and considerations for the presentation of various financial statements. Lesson 2 discusses auditor’s reports and other communications that must be made during a HUD audit engagement. Topics covered include supplementary information; the schedule of audit findings; and how to report fraud, noncompliance, and other matters.
Course Expiration Date: November 30, 2021
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Determine how HUD entities account for cash, cash equivalents, restricted deposits, investments, rental revenue, other income, receivables, prepaid expenses, intangibles, and other assets.
Identify how a HUD entity should generally account for debt and other liabilities, project equity, risks and uncertainties, real estate impairment, and mark-to-market restructuring on Section 8 projects.
Recognize appropriate financial statement presentation for HUD entities.
Identify the requirements for an auditor's report on a HUD entity's financial statements and any applicable supplementary information.
Recognize a HUD auditor's responsibilities to report on compliance.
Identify a HUD auditor's responsibilities in relation to the schedule of audit findings; the schedule of prior audit findings; the corrective action plan; and reporting fraud, noncompliance, and other matters.
Lesson 1—Accounting Considerations and Financial Statement Presentation
Lesson 2—Auditor's Reports and Other Communications