HUD releases revisions to Chapters 3 and 4 of consolidated audit guide.

In July 2008, the U.S. Department of Housing and Urban Development (HUD; www. hud.gov) issued its long-awaited revisions to Chapter 3--HUD Multifamily Housing Programs and Chapter 4--HUD Multifamily Hospital Program of the Consolidated Audit Guide for Audits of HUD Programs (the Guide). The new Chapter 3 is effective and can be used upon issuance. However, the requirements in Chapter 3 shall apply to audits of profit-motivated sponsors/entities with fiscal years ending on or after Dec. 31, 2008. Chapter 4 is effective upon issuance. A recent Governmental Audit Quality Center (GAQC) Alert, which can be found at http://gaqc.aicpa.org/Resources/Archived+GAQC+Updat e+Newsletters/GAQC+Alert+No.+85.htm, provides more information about the chapters and the significant changes that were made...

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