CCH has released a new publication to assist accountants who are conducting audits of participants in Department of Housing and Urban Development programs.
The publication, Knowledge-Based Audit Methodology: HUD Programs, helps auditors with using the American Institute of CPAs’ new clarified auditing standards. The publication also draws on CCH’s Knowledge-Based Audit methodology and is available via ProSystem fx Knowledge Coach tool.
The new title on Knowledge Coach provides detailed coverage of HUD multifamily housing programs, one of the most frequent engagement topics of professionals who perform HUD and low-income housing complex audits.
CCH’s new KBA HUD title follows the recent release of Knowledge-Based Audits of Commercial Entities, also accessible on Knowledge Coach. The accompanying toolset and guide, Knowledge-Based Audit Methodology: Commercial Entities—featuring checklists, additional practice aids and an interpretive guide—is accessible on CCH’s Accounting Research Manager research platform.
Most HUD program titles contain two sections: a financial statement title package and a compliance title package. The financial statement title package section provides financial statement guidance and analysis for each specific HUD title audit. The compliance title package section focuses on specific compliance and certain requirements of HUD programs and explains how they differ from one another. Workpapers will utilize the Compliance Risk Pane, similar to single audit preparation.
CCH plans to help auditors in a variety of industries transition to the AICPA’s new Clarity Project requirements. The new auditing standards are effective for audits of financial statements for periods ending on or after Dec. 15, 2012. In the next few months, CCH plans to issue additional titles, guidance and tools covering other industries affected by AICPA clarity standards.
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