CCH’s expert guidance is now available for conducting audits of Housing and Urban Development (HUD) program participants in accordance with new clarified auditing standards issued by the AICPA. The new publication, Knowledge-Based Audit Methodology: HUD Programs, is based on CCH’s Knowledge-Based Audit (KBA) methodology and now available via ProSystem fx® Knowledge Coach. CCH, a Wolters Kluwer business is a leading global provider of tax, accounting and audit information, software and services.
“The KBA HUD title is the most extensive resource available, offering step-by-step references and clear explanations for complying with HUD auditing standards,” said Wendy Grice, CCH Product Marketing Manager. “This latest CCH title will strongly enhance the practices of professionals who conduct HUD audits.”
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.
Most HUD program titles contain two sections:
- Financial statement title package – The section provides financial statement guidance and analysis for each specific HUD title audit.
- Compliance title package – This 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.
Additional CCH Clarified Title: Commercial Entities
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 (ARM) research platform.
Additional Clarified Titles Coming
CCH is ready to help auditors in a variety of industries make a seamless transition to the new Clarity Project requirements. The new auditing standards are effective for audits of financial statements for periods ending on or after December 15, 2012. In the next few months, CCH plans to issue additional titles, guidance and tools covering other industries impacted by AICPA clarity standards.