HUD Audits

Generally accepted accounting principles (GAAP)

Generally, all participants of Section 8 housing, HUD and FHA insured programs need to prepare annual audited financial reports in accordance with U.S. Department of Housing and Urban Development HUD guidelines. The rule requires that the annual financial information must be prepared in accordance with generally accepted accounting principles (GAAP). The rule also requires public housing agencies and project owners of HUD assisted housing to submit their annual financial information electronically to HUD.

Greg Wilson & Associates CPAs