HUD releases revisions to chapters three and four of its Consolidated Audit Guide.

The U.S. Department of Housing and Urban Development (HUD) issued its long-awaited revisions to Chapter Three, HUD Multifamily Housing Programs, and Chapter Four, HUD Multifamily Hospital Program of the Consolidated Audit Guide for Audits of HUD Programs.

The new Chapter Three and Chapter Four are effective and can be used upon issuance. However, the requirements in Chapter Three will apply to audits of profit-motivated sponsors/entities with fiscal years ending on or after Dec. 31, 2008.

Watch the GAQC Web site and its HUD Information page for further information on the HUD Guide at http://gaqe.aicpa.org.