Concerned about your next audit?

Let us take the complexity out of the process.

Our Housing Authority audit specialists help Public Housing Agencies navigate HUD reporting requirements, Single Audits, FDS submissions, REAC compliance, and federal program oversight with confidence.

  • Stay compliant with HUD, REAC, and Uniform Guidance requirements
  • Reduce FDS adjustments and audit findings
  • Meet reporting deadlines with confidence
  • Strengthen internal controls over federal housing programs
  • Focus on serving residents while we manage the audit process

We help you to avoid..

  • Surprise audit deficiencies or findings
  • Financial misstatements
  • Delays in financial reporting
  • Stress during the audit process

Three Simple Steps

  1. Complete an Interest Form
  2. We Connect
  3. Receive a Timely, Low-Stress Audit

Partner with our audit professionals to ensure your Housing Authority meets compliance standards without stress.

Why Smith Marion?

Our team specializes exclusively in the housing industry. Our team works with Public Housing Authorities, Housing Choice Voucher programs, Capital Fund programs, RAD conversions, and other HUD-assisted housing entities. We understand the unique compliance requirements that come with managing federal housing programs and provide practical guidance that extends beyond the annual audit.

Our auditors help housing authorities strengthen internal controls, improve financial reporting, reduce findings, and prepare for changing HUD requirements. Whether your agency needs a financial statement audit, Yellow Book audit, Single Audit, or assistance navigating complex HUD reporting issues, our team provides industry-specific expertise designed to support long-term success.

Here’s How to Get Started

  1. Fill Out the Interest Form
    Tell us about your organization, your reporting requirements, and any audit or compliance challenges you’re looking to address.
  2. Connect
    A specialist will reach out to learn more about your situation and discuss how we can support your audit and reporting needs.
  3. Strengthen Your Financial Reporting and Compliance
    Take the first step by completing the interest form. Our audit team provides guidance on financial reporting, internal controls, and compliance so you can move forward with clarity and confidence.
Woman discusses executor options with a client during a private office consultation

We’re here to help you:

  • Ensure full compliance with HUD regulations
  • Identify risks and improve internal controls
  • Deliver transparent, accurate financial reporting

Ready to simplify your audit process?

Start by scheduling a call and accessing our Audit Preparation Guide to see how we can assist you. Together, we’ll ensure your organization is audit-ready, compliant, and positioned for financial success.

HUD & Housing Authority Audit FAQs

GAS stands for Government Auditing Standards. These standards govern audits of government entities and organizations receiving government funds and require enhanced rigor in ethics, independence, professional judgment, and accountability beyond Generally Accepted Auditing Standards (GAAS).

A Yellow Book audit refers to an audit conducted in accordance with Government Auditing Standards (GAGAS), issued by the U.S. Government Accountability Office (GAO). These standards strengthen accountability, transparency, and oversight of public funds for government entities and organizations that receive federal funding.

Yellow Book audits are required when organizations meet federal expenditure thresholds triggering a Single Audit, when mandated by local, state, or federal law or regulation, when required by grant agreements, or when specified by funding agencies.

A Yellow Book audit must be performed by an independent external audit organization, typically a licensed CPA firm or qualified government audit office. The firm must comply with Government Auditing Standards, maintain strict independence, undergo peer review, meet CPE requirements, and document competence, independence, and due professional care.

Housing Authority REAC unaudited submissions are due two months after year-end. Audited submissions are due nine months after year-end. Federal Audit Clearinghouse submissions are due nine months after year-end or 30 days after receipt of the audit report. Some state agencies may require earlier submission deadlines.

A Single Audit is required under Uniform Guidance for entities that expend $750,000 in federal awards for fiscal years prior to September 30, 2025, and $1,000,000 for fiscal years ending on or after September 30, 2025.

Common causes include differences between FDS and VMS balances, incorrect HAP or port-in expenses, audit expense discrepancies, pension and OPEB reporting differences, missing or incorrect UML and UMA numbers, and significant interfund balances.

Common findings include lack of waiting list documentation, interfund balances related to public housing operations, missing inspections on move-in dates, and failure to follow procurement policies.

Common findings include failure to follow HQS inspection timelines, improper abatement of landlord payments, inadequate documentation of rent reasonableness, and missing waiting list documentation at voucher issuance.

Common findings include unsupported CFP draws, improper cash management practices, failure to follow procurement policies, and failure to submit HUD Form 53001 within required timelines.

Smith Marion completes the full FDS submission process, including data entry, validation, compliance review, certification, and submission to REAC in accordance with HUD requirements.

Yes. Smith Marion provides comprehensive support for HUD QA reviews, including issue analysis, documentation review, compliance validation, and preparation of formal written responses supported by reconciliations and documentation.

Federal Audit Clearinghouse submissions are due nine months after fiscal year-end or 30 days after receipt of the audit report, whichever occurs first.

The Rental Assistance Demonstration (RAD) program allows public housing authorities to convert public housing to long-term project-based Section 8 contracts, enabling asset preservation, financial stability, and improved housing quality for residents.

RAD enables access to private capital for rehabilitation, long-term Section 8 contract stability, preservation of housing units, improved living conditions, strong resident protections, and long-term financial sustainability for PHAs.

PBRA (Project-Based Rental Assistance) is administered directly by HUD through Multifamily Housing, while PBV (Project-Based Vouchers) is administered by local PHAs through the Housing Choice Voucher program under PIH. The programs differ in administration, funding flow, rent setting, unit caps, contract terms, and operational control.

The Moving to Work (MTW) demonstration program allows participating agencies flexibility in how they use Section 8 and Section 9 funding while maintaining statutory protections, compliance requirements, and resident protections.

Contact Us

Let’s connect to discuss how we can support your business goals and help you navigate your financial journey with confidence.