- 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)
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, 2018
Please note, the grading fee for answer sheets submitted by regular mail is $99.
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