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What types of audits require the Schedule of Audit Findings, Compliance and Internal Control Comments, and Prior Audit Findings Resolution Comments to be performed?

April 26, 2017audit audits comments compliance CONTROL findings Internal require schedule types

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What types of audits require the Schedule of Audit Findings, Compliance and Internal Control Comments, and Prior Audit Findings Resolution Comments to be performed?

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Any property that is required to file a financial statement to HUD, Rural Development, and/or receives MHDC Home funds in excess of $500,000 must prepare its audit under the Government Auditing Standards. Government Auditing Standards require the auditor to report on Internal Control, submit a Schedule of Questioned Costs, and report on prior year findings. Properties that do not receive federal funds may prepare their financial statements under normal Generally Accepted Auditing Standards.