GAQC Alert No. 291 


GAQC Alert
 
HUD Issues Additional Extension for FASS Submissions
   
  AICPA
October 28, 2015
GAQC Alert #291
 
Single Audit Fundamentals Series
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HUD Information
Dear Center Members
This GAQC Alert should be of primary interest to Governmental Audit Quality Center (GAQC) members that perform audits of multifamily housing properties with June 30, 2015, year-ends that are subject to U.S. Department of Housing and Urban Development (HUD) audit requirements. As noted in GAQC Alert #286, HUD had previously issued a notice providing a global 30-day extension for submissions to the Financial Assessment Subsystem (FASS) related to the shutdown of the Federal Audit Clearinghouse (FAC) Web site. Since the FAC recently issued a notice further extending the single audit submission deadline to December 31, 2015 (see GAQC Alert #290), HUD has also extended their global extension for multifamily housing properties with June 30, 2015, year ends. The new HUD submission due date is December 31, 2015.

The HUD notice reads as follows:

    “A recent security breach at the U.S. Department of Census has caused the Federal Audit Clearinghouse (FAC) to be taken down. As a result, submissions of Data Collection Forms and reporting packages are not able to be made. FAC originally provided an extension until October 31, 2015, but they’ve since extended the due date to December 31, 2015. Since the HUD Agreed-Upon procedures engagement performed on FASS submissions includes procedures comparing information in the Data Collection Form to the information submitted to HUD via FASS, HUD is extending the due date for financial statements with fiscal year ending June 30, 2015, until December 31, 2015. This is a global extension and will apply to all submissions including owner certified and audited.

    This may also impact December 31, 2014 audit submissions facing the 9 month A-133 filing deadline which the FAC extended to December 31, 2015. If needed, those auditees should file for an extension electronically using the FASSUB.”

View the notice at Real Estate Assessment Center (REAC) Financial Assessment of Multifamily Housing Web page.
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Sincerely,

AICPA Governmental Audit Quality Center
 
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