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Multifamily Housing - Highlights and Announcements

Statement on Auditing Standards Nos. 134-140 - Final Draft HUD Reports Posted
REAC received the following information from the AICPA:
The AICPA Governmental Audit Quality Center (GAQC) has worked collaboratively with HUD Office of Inspector General staff to update the illustrative auditor reports included in Chapter 2 of the HUD Guide for the impact of Statement on Auditing Standards Nos. 134-140. Those standards are effective for audits of periods ending on or after December 15, 2021. Currently, the reports, along with other revisions to Chapter 2, are in the HUD clearance process. The GAQC has obtained permission from HUD to post the final drafts of the illustrative reports on the GAQC Illustrative Reports Web page (scroll down to the HUD Report Illustrations section). This page is open to GAQC and AICPA members, as well as the public (only an AICPA account is needed to access them). These GAQC posted reports are intended to assist auditors that need to issue reports prior to HUD’s formal issuance. Once HUD issues the final reports (and an updated Chapter 2), auditors should look to the HUD Guide to access the final illustrations.


The American Institute of CPAs’ Auditing Standards Board has released Statement on Standards for Attestation Engagements No. 19, Agreed-Upon Procedures Engagements. The new standards are effective for agreed-upon procedures engagements performed after July 15, 2021. The FASS-FHA team is currently working on updating the FASSUB system to incorporate new language that meets the requirements. We are anticipating these updates to be in place in six to seven weeks. Below are links to the new attestation language we will be using.


The following chart summarizes the revised due dates for submissions that were/are due within 90 days of the fiscal year end. The submission types are as follows:

  • Audited submissions for profit-motivated entities prepared in accordance with the HUD Consolidated Audit Guide IG2000.04
  • Owner-certified submissions for profit-motivated entities receiving less than $500,000 in federal awards
  • Owner-certified submissions for nonprofits receiving less than $750,000 in federal awards
  • Owner-certified submissions for nonprofits receiving greater than $750,000 in federal awards who intend to file an audited OMB submission within 9 months of the fiscal year end (or audited submissions prepared in accordance with OMB Uniform Guidance for nonprofit owners choosing not to file an owner-certified submission)
Owner-Certified and Audited Submissions Due Within 90 Days of Fiscal Year End
Fiscal Year End
Original Due Date
Revised Due Date
7/31/2020
10/31/2020
6/30/2021
8/31/2020
11/30/2020
6/30/2021
9/30/2020
12/31/2020
6/30/2021
10/31/2020
1/31/2021
6/30/2021
11/30/2020
2/28/2021
6/30/2021
12/31/2020
3/31/2021
6/30/2021
1/31/2021
4/30/2021
6/30/2021
2/28/2021
5/31/2021
6/30/2021


The following chart summarizes the revised due dates for OMB Uniform Guidance audits for owners who chose to file an owner-certified submission and follow up with an audit:

Audited OMB Submissions Due Within 9 Months the Fiscal Year End
Fiscal Year End
Original Due Date
Revised Due Date
1/31/2020
10/31/2020
6/30/2021
2/28/2020
11/30/2020
6/30/2021
3/31/2020
12/31/2020
6/30/2021
4/30/2020
1/31/2021
6/30/2021
5/31/2020
2/28/2021
6/30/2021
6/30/2020
3/31/2021
6/30/2021
7/31/2020
4/30/2021
6/30/2021
8/31/2020
5/31/2021
6/30/2021