Understanding HUD Audit and Reporting Issues for 2011 Audits of Supervised Mortgagees – Member Web Event

The purpose of this archived Webcast is to help participants understand the latest information regarding audit and reporting requirements established by the U. S Department of Housing and Urban Development (HUD) for supervised mortgagees, including banks and credit unions. These requirements were effective for the first time in 2010 audits and the timing of this GAQC Web event is intended to assist auditors as they launch into their 2011 year-end audits.

Important Note: In March 2012, HUD issued interim guidance that included waiver of the compliance audit requirements for small supervised lenders and mortgagees.  While this Web event does not mention the waiver (because it occurred prior to the waiver issuance), it still contains useful information for auditors of supervised lenders.  However, we strongly suggest you read GAQC Alert #190, to supplement this Web event so that you have the latest information.

About the Web Event

2010 was the first time new Housing and Urban Development (HUD) audit and reporting requirements kicked in for supervised mortgagees, including banks and credit unions. There were a number of issues that auditors and auditees experienced during the first year. Since then, HUD has relaxed some of the audit requirements, which while providing relief to certain auditees, has also raised new audit issues.  Additionally, many of the issues from 2010 are expected to continue and affect your 2011 fiscal year-end audits.

This session is intended primarily to assist external auditors performing audits of supervised mortgagees subject to the HUD requirements.  However, it may also be of interest to auditees (i.e., both preparers and internal audit staff that are performing work relating to the HUD requirements).  Participants in this session will:

  • Gain a high-level understanding of the latest HUD requirements for these audits;
  • Learn about some of the "kinks" in the process that will continue for your FY2011 audits;
  • Get suggestions for mitigating audit and reporting issues; and
  • Have an opportunity to submit your questions.

About the Presenters

Jean Joy, CPA, is a Director of Professional Practice with Wolf & Company, P.C. and oversees the firm’s compliance with professional standards and the firm’s Accounting & Auditing Committee.  She provides advisory services relating to bank mergers and acquisitions, stock offerings, and compliance with the reporting requirements of the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Federal Reserve Board, Office of Thrift Supervision and the SEC. Jean is a recent Chair of the Depository Institutions Expert Panel of the AICPA and a former Chair of AICPA National Conference on Banks and Savings Institutions.

Mandy Nelson, CPA, is a Partner in KPMG's Department of Professional Practice. She issues guidance to KPMG offices on not-for-profit accounting, performing audits in accordance with Government Auditing Standards and performing single audits and serves as KPMG's liaison to federal agencies on single audit issues. Mandy is a current member and past chairperson of the Executive Committee of the GAQC. She also serves on many of the AICPA task forces established in response to the federal study on single audit quality. Additionally, she is a member of the AICPA Expert Panel for not-for-profit organizations and a member of the task force revising the AICPA Audit and Accounting Guide, Not-for-Profit Organizations.

Archived Web Event Listening Instructions
You should print out and have available, Understanding HUD Audit and Reporting Issues for 2011 Audits of Supervised Mortgagees – Member Web Event Slides (PDF or PowerPoint).   

The presenters addressed many of the questions within the time allotted for the event. We encourage you to visit the forum to post additional follow-up questions at GAQC Member Discussion Forum.

Thank you for your interest in this GAQC Event.

Click here to listen to the Web event.