HUD released its revision of Chapter 1 of the HUD Audit Guide. This chapter is set to be effective for fiscal year ends ending on or after September 30, 2011.
Attached is the Transmittal Letter highlighting the changes as well as the newly revised Chapter 1 of HUD Handbook 2000.04 REV-2.
These changes were added to meet current requirements of the Government Auditing Standards, Office of Management and Budget Circular A-133 (A-133) requirements, new and updated American Institute of Certified Public Accountants standards, items to be included in the engagement letter on all audits of U.S. Department of Housing and Urban Development (HUD) programs. This newly revised chapter serves as a reference to assist the independent auditor in performing program-specific audits of profit-motivated and not-for-profit sponsors or entities covered by A-133.
