Based on information we received from our CPA, all FHA approved lenders now need to have an annual audit performed. Our CPA indicated that the audit is required as part of the reapplication process and does not need to be done if the CU does not chose to reapply in 2011. Also, the requirement of the audit is not dependent on the volume of FHA lending you do. In other words, if you reapply and don't originate, the audit still needs to be performed.
I would like confirmation from the ACUARP group that what I stated above is correct. Also, what is your understanding and/or experience with having such an audit performed - who can it be performed by, cost, etc..
Thanks in advance.
Janet Lauf, Internal Auditor
Rocky Mountain Credit Union
Effective January 1, 2010, and consistent with the authority of section 203(b)(1) of the National Housing Act, all supervised mortgagees must now submit an annual audited financial statement within 90 days of their fiscal year end. Audited financial statements must be submitted in accordance with HUD Handbook 4060.1 REV-2 and prepared and audited in accordance with HUD’s Inspector General’s most recent Handbook 2000.04, Consolidated Audit Guide for Audits of HUD Programs
January 3, 2011 - 12:12pm
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