Describe the process that the auditor must go through to verify an audited financial statement submitted electronically to REAC on behalf of a PHA?
A PHA gets a hard copy of the audit from the auditor. Either the PHA or its designate inputs the audited information into the FASS system. Once submitted, the auditor reviews the information and performs agreed – upon procedures relative to the electronic submission via the audit certification screen in FASS. The auditor can do one of two things: a) Transmit the audited data back to the PHA for corrections; or b) Verify the data’s accuracy and transmit it back to the PHA so that the PHA can forward its audited data to the REAC via FASS.
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