HUD Announces Changes to Program Reporting and Audit Requirements.

• Position: Department of Housing and Urban Development - Brief Article

The U.S. Department of Housing and Urban Development has announced plans to change program reporting and audit requirements for multifamily program participants. Effective for project fiscal years ending on Dec. 31, 2000, and thereafter, the HUD Real Estate Assessment Center (REAC) will require independent auditors to perform an attestation agreed-upon procedure engagement under AICPA Statement on Standards for Attestation Engagements No. 4 where the auditor compares the electronically submitted data in the REAC staging database to the...