HUD Audits
Participants in the insured multifamily housing program are required to prepare annual financial reports in accordance with the guidelines of the U.S. Department of Housing and Urban Development (HUD). These financial reports must follow generally accepted accounting principles (GAAP). Additionally, electronic submission of required financial and compliance data to HUD’s Real Estate Assessment Center (REAC) is due within 90 days of the participant’s year-end. This electronic submission is used to assess the financial strength and regulatory compliance of each HUD participant.
HUD audits are complex, specialized, and require certain disclosures of financial and compliance information. ORBA possesses years of experience and knowledge required to address the complexities of HUD programs, as well as the various federal and state requirements for HUD audits. ORBA’s HUD audit team regularly attends conferences and seminars to stay current on new HUD-related standards and regulations.
At ORBA, we work with our clients to comply with HUD requirements so that they can avoid penalties and sanctions from HUD programs.