HUD Audit Services

Secure Your HUD Audit with Confidence

Dive into the intricacies of HUD audits in Chicago and nationwide with SSL Associates. Our specialized services ensure compliance, transparency, and accountability for organizations navigating HUD housing programs, empowering them to achieve their mission with confidence.

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SSL Associates Ltd.
HUD Audit

Who Is Required to Undergo a HUD Audit?

If your organization receives funding from the Department of Housing and Urban Development (HUD), then a HUD audit is likely a requirement. This includes a variety of organizations that play a vital role in providing housing opportunities in your city:

Public Housing Authorities (PHAs):PHAs manage and operate public housing developments, ensuring safe and affordable housing for low-income families, seniors, and people with disabilities.
Non-Profit Housing Developers: These organizations play a crucial role in developing and maintaining affordable housing options..
Property Management Companies: Companies managing HUD-funded housing properties are also subject to HUD audit requirements.

Here's how HUD audits help:

Ensure Compliance: HUD audits verify that your organization is using HUD funds appropriately and adhering to program regulations.
Promote Transparency: Audits provide accountability and transparency to HUD, residents, and the public.
Identify Areas for Improvement: The audit process can identify areas where your organization can strengthen its financial management or program administration.

Our Comprehensive HUD Audit Services

At SSL Associates, we understand the unique needs of organizations receiving HUD funding. Our team of experienced CPAs provides a comprehensive suite of HUD audit services to ensure compliance, transparency, and peace of mind:

Financial Statement Audit

We meticulously examine your financial records to ensure accuracy and adherence to HUD regulations. This includes verifying program income, allowable expenditures, and compliance with specific program accounting requirements.

Compliance Audits

Our in-depth compliance audits assess your organization's adherence to specific HUD program rules and regulations. We identify any potential areas of non-compliance and recommend corrective actions.

Internal Control Audits

A strong internal control system is vital for managing HUD funds effectively. Our internal control audits evaluate the effectiveness of your controls over financial reporting and HUD program compliance, helping you identify and address any weaknesses.

Single Audit Engagements

For organizations that qualify, we can streamline the process with a single audit engagement that combines both a financial statement audit and a compliance audit, saving you time and resources.

Ensure Your HUD Compliance Today: Partner with SSL Associates for Dedicated Audit Solutions

Take the first step towards HUD compliance and financial transparency. Contact us now to schedule your comprehensive audit with SSL Associates.

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(630) 819-6040

Scope of HUD Audits

HUD audits serve a critical role in ensuring transparency and accountability for organizations receiving Department of Housing and Urban Development (HUD) funding. These audits encompass a comprehensive review of an organization's financial activities and program adherence to HUD regulations. Here's a breakdown of the scope of HUD audits:

Key Areas of Examination:

Financial Statements

HUD auditors meticulously examine your organization's financial statements to verify their accuracy and compliance with Generally Accepted Accounting Principles (GAAP) and specific HUD accounting requirements. This includes reviewing income sources, allowable expenditures, and program-specific accounting rules.

Compliance with HUD Regulations

A core aspect of the audit involves assessing adherence to the regulations governing the specific HUD program(s) your organization participates in. This may involve reviewing eligibility criteria for program beneficiaries, program activity documentation, and adherence to grant or funding agreement terms.

Internal Controls Assessment

A strong system of internal controls is vital for safeguarding HUD funds and ensuring program integrity. The audit will evaluate the effectiveness of your internal controls over financial reporting and HUD program compliance. This may include controls over procurement, payroll, cash management, and program activity documentation.

Common Areas Covered in HUD Audits:

The specific focus of a HUD audit can vary depending on the type of HUD program funding your organization receives. Here are some common program areas where HUD audits are frequently conducted:

Section 8 Housing

This program provides rental assistance to low-income families. Audits may assess tenant eligibility, rent calculations, and proper use of program funds for housing units.

Public Housing

This program provides affordable housing for low-income families, seniors, and people with disabilities. Audits may examine resident eligibility, maintenance procedures, and compliance with program occupancy standards.

Community Development Programs

These programs provide funding for a variety of initiatives such as affordable housing development, infrastructure improvements, and neighborhood revitalization. Audits may assess grant eligibility, proper use of funds for approved activities, and adherence to program guidelines.

Additional Considerations:

The depth and extent of a HUD audit can vary depending on the size and complexity of your organization, as well as the risk factors associated with your specific program.

HUD auditors may also request additional information or documentation during the audit process to ensure a complete understanding of your organization's financial activities and program implementation

We Serve Your Business

At SSL Associates, we're your trusted guides through the complexities of HUD audits. With precision and expertise, we ensure compliance, transparency, and accountability in your housing and urban development endeavors.

Nonprofit Organizations

Trust forms the backbone of nonprofits. Our audits go beyond numbers, instilling confidence in donors and stakeholders, and empowering you to advance your mission with integrity.

For-Profit Businesses

We provide comprehensive audit & assurance services to businesses, delivering thorough evaluations that enhance transparency and build stakeholder trust. Our approach combines traditional methods with innovative techniques to offer reliable and effective auditing solutions.

Why Choose SSL Associates for HUD Audits?

38 Years of Expertise

Our team possesses specialized knowledge of HUD regulations and audit standards to guarantee thorough and accurate audits every time.

HUD Compliance Assurance

We help organizations maintain compliance with HUD requirements, mitigating risks and safeguarding eligibility for funding.

Transparency

Our audits promote transparency in financial management to provide stakeholders with confidence in the organization's operations and integrity.

Timely Delivery

We prioritize efficiency and timely completion of audits, ensuring minimal disruption to your operations and meeting reporting deadlines.

Hear It from Our Clients

Seamus Naughton, Lake Shore Glass

5.0

As the owner-operator of a construction company, my hours are spent focusing on the operational aspects of our business. Managing our year-end financials was an unwelcome challenge that was a large drain on my time. Having SSL Associates, Ltd. freed me to focus my attention where it best served my company, and gave me peace of mind that our accounting would be done accurately, professionally, and on time. Their ability to work hand in hand with our accounting department allows us to tackle problems as they arise throughout the year to ensure all tax & financial reporting deliverables are free of any last-minute headaches.

Steve Brown, VP Business, Sabre Hockey Association

5.0

SSL Associates, Ltd. has been an invaluable resource for our youth hockey non-profit organization. Their team's expertise in tax compliance and financial reporting has been instrumental in ensuring transparency and accountability to our many families, donors and stakeholders. Their commitment to excellence and their deep understanding of the non-profit sector have made them an indispensable part of our success and a valued partner that we trust and rely on for their guidance.

Kristin Newell, Director of Finance and Administration, Evolution Soccer Club

5.0

When we started the not-for-profit youth travel soccer club, we quickly grew large enough that we are required to be audited by an independent accounting firm each year. We have used SSL Associates Ltd. for the past seven years and couldn’t be happier with their services. SSL also helped us make improvements to our Quickbooks so that the Audit is now very efficient. Their responsiveness and expertise in non-profit accounting has enabled our staff to stay focused on our mission of providing a competitive and positive learning environment to develop our players both on and off the field.

Mark Huelskoetter

5.0

SSL Associates has been a trusted advisor to Wenzak for many years. Their knowledge and valuable insights around tax and reporting impacts of business issues has helped us to navigate key decisions and stay focused on our core business. We greatly appreciate the personal approach and responsiveness of the entire team.

Connect with Our Team

Ready to satisfy your HUD compliance? Contact us at SSL Associates today to schedule your comprehensive audit and ensure transparency in your operations.

1064 104th Street Suite 100, Naperville, Illinois 60564

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FAQs

What are the key differences between a HUD audit and a standard financial statement audit?

HUD audits focus on compliance with specific HUD regulations and program requirements, while financial statement audits assess the accuracy and completeness of financial statements in accordance with accounting standards.

How often should organizations undergo HUD audits?

The primary objectives of a HUD audit include ensuring compliance with HUD regulations and program requirements, verifying the proper use of HUD funds, assessing internal controls, and promoting transparency and accountability

What are the primary objectives of a HUD audit?

What documents and records are typically required for a HUD audit?

Documents and records typically required for a HUD audit include financial statements, grant agreements, contracts, leases, tenant files, program reports, and documentation related to program activities and expenditures.

How long does a HUD audit typically take to complete?

The duration of a HUD audit varies depending on factors such as the size and complexity of the organization, the scope of the audit, and the availability and timeliness of necessary documentation. HUD audits can take several weeks to several months to complete.