- NY Credits : 8.0
- TX Credits : 8.0
Companion to PPC's Guide to HUD Audits - Course 1 - Accounting Considerations, Financial Statement Presentation, and Auditor's Reports and Other Communications (HUDTG171)
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 and how the uniform financial reporting standards may apply.
Identify the requirements for an auditor’s report on a HUD entity’s financial statements and any applicable supplementary information that might be enclosed.
Recognize a HUD auditor’s responsibilities to report on compliance, including those under Government Auditing Standards and those related to major programs.
Identify a HUD auditor’s responsibilities in relation to the schedule of audit findings; the schedule of prior audit findings; the corrective action plan; reporting fraud, noncompliance, and other matters; communicating control deficiencies and other comments; and the certification of financial statements by owners and managing agents.
Determine the best method for electronic submission of the reporting package and the CPA’s attest engagement, as well as how a HUD auditor should report on financial statements in a cost certification audit.
Lesson 1—Accounting Considerations and Financial Statement Presentation
Lesson 2—Auditor’s Reports and Other Communications