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HUD Audit Checklist Template

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HUD Audit Checklist Template

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Compliance Report

It includes a listing of compliance areas tested.

An independent auditor’s opinion on compliance with specific program requirements that could have a direct and material effect on each major HUD-assisted program.

Schedule of Findings and Questioned Costs

This is required for all material instances of noncompliance, and significant deficiencies and material weaknesses in internal control identified by the auditor (including those cases in which corrective action was taken by the lender on the finding after the end of the fiscal year).

Corrective Action Plan

This is prepared by the lender using the lender’s letterhead, in which the lender describes the corrective action taken or planned in response to the findings identified by the auditor.

The plan should also include comments on the corrective action taken on prior findings resulting from relevant HUD, Office of Inspector General audits and HUD program reviews.

Electronic Submission of Audited Financial Statements and Compliance Data

All FHA-approved lenders are required to electronically submit their financial and compliance data to the Lender Approval and Recertification Division through FHA’s electronic data system within 90 days of the close of the end of their fiscal year.

The submission must be based on the signed issued paper copy of the audit of the lender’s financial statements, supplemental information, and the signed independent auditor’s report containing the auditor’s opinion.

A copy of the issued signed hardcopy of the financial statements, supplemental information, and the signed independent auditor’s report(s) must be submitted electronically.

The auditor is required to perform a separate agreed-upon procedures engagement to determine whether the financial data entered into HUD’s electronic system by the lender are accurate and reconcile with the data on the lender’s hardcopy audited financial statements that are contained in the issued signed audit report.

The auditor must compare the electronic data transmitted to HUD to the hardcopy of the basic financial statements, supplemental information, footnotes, the signed independent auditor’s reports, the computation of adjusted net worth, and financial data templates.

This procedure should be performed under the current AICPA Statements on Standards for Attestation Engagements for Agreed Upon Procedures Engagements.

A request for a 30-day extension must be submitted to HUDmanagement, through the electronic system, no earlier than 45 days before the electronic submission due date and no later than 15 days before the submission duedate.

Approved lenders must submit either audited or unaudited financial statements to HUD, within 30 days of the end of each fiscal quarter in which the lender experiences an operating loss of 20 percent or greater of its net worth and must continue to make submissions until the lender demonstrates an operating profit for two consecutive quarters or until the next annual recertification by FHA, whichever is the longer period.

The submission should be emailed to [email adress]

Compliance Requirements and Suggested Audit Procedures

Quality Control Plan Implementation

Sponsor Responsibility for Third-Party Originators

Branch Office Operations

Loan Origination

Loan Servicing

Federal Financial and Activity Reports

Lender Annual Recertification, Adjusted Net Worth, Liquidity, and Licensing

Loan Disbursement

Eligible Fees and Charges

Loan Settlement

Escrow Accounts

Kickbacks

Audit Finding Reporting

Content of Finding

Corrective Action in Process

Corrective Action Completed

Reference Material

The auditor should ensure that the updated references or the reference materials that were in effect during the period of the audit are used for performing the audits.

Auditors should make any needed modifications or updates to the material used to perform their audits.

If reference to the handbook is needed in the audit report findings or in any other part of their audit report, auditors should ensure that the entire updated reference (including the revision number) is used.

Technical Assistance

On behalf of the HUD Secretary, the Lender Approval and Recertification Division determines the acceptability of all audited financial statements submitted by FHA-approved lenders.

If a program participant has questions related to HUD’s audited financial statements’ requirements, the participant may contact the helpline at [number] or submit an email to [email adress].

Confirmation

Additional Comments

Auditor Name

Auditor Signature

Program Manager Name

Program Manager Signature

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