Audit

OVER 25 YEARS OF HOUSING AUTHORITY AUDIT EXPERIENCE

Managing a housing authority is a challenging task. Executive directors must maintain ever-changing HUD regulations and programs, often with a limited staff. SMCo is proud to specialize in housing authorities audits.

Auditing housing authorities is a highly specialized service. The industry in which they operate leads housing authorities to be subject to significant oversight by Federal, State, and Local regulatory agencies. Additionally, regulations in the industry are continually changing based on current political and economic factors.

Another factor adding to the complex nature of PHA audits is that they routinely have multiple reporting sub-entities and, consequently, require multiple audits. Even if you have multiple audits, Smith Marion provides you with one designated audit team.

With over 25 years of experience, our housing authority auditors are experts in the industry. We are:

  • Well-versed in public housing authority audit requirements that are beyond a typical audit engagement.

  • Known for delivering a timely audit

  • Excited to partner with you to improve accounting procedures to the extent allowable by independence standards.

  • Giving you a more flexible schedule so you can make a positive impact in your community.

The audit does not have to be a pain point for you. Submit an RFP request today!

Fiscal assessment of public housing authorities is another way of saying we assess and address any financial issues within your agency before they become problematic. Conducting public housing authority audits and assessments proactively builds a healthy financial foundation for the future of your agency.

We review each housing authority’s finance department for a variety of issues, including:

  • Compliance with HUD, GAAP & GASB regulations

  • Maximization of subsidy

  • Organizational structure

  • Internal control and accounting functions

  • Competency of accounting staff

  • The current budget process

  • Implementation of project based accounting

  • Reporting accuracy and timeliness.

We also provide a report of observations and recommendations to correct any deficiencies and align the agency for success.

Set up a call today to start the conversation.

Get in-touch with the Smith Marion & Co. team today to schedule your free consultation.

Related Articles

What you need to know about hidden payroll processing fees

Are you looking for a payroll processing company but have concerns about hidden payroll costs? Here are a few things to consider. While processing your own payroll can be convenient, it can also lead to costly errors. In the long run, these errors can end up costing more than the price of having a professional...

Preparing for the First Financial Statement Audit

How to prepare your nonprofit organization for the first financial statement audit As your nonprofit grows and the size of your grants and contribution revenue grow, you may be required to have a financial statement audit in order to secure or continue to receive funding. But the mere mention of the word “audit” makes most...

Hidden Payroll Processing Fees

What you need to know about hidden payroll processing fees Are you looking for a payroll processing company but have concerns about hidden payroll costs? Here are a few things to consider. While processing your own payroll can be convenient, it can also lead to costly errors. In the long run, these errors can end...

Did You Know Virtual Currency is Taxable

Virtual currency transactions are taxable by law just like transactions in any other property. The IRS is aware that some taxpayers with virtual currency transactions may have incorrectly reported or failed to report income and pay the related tax. Therefore, it is actively addressing potential non-compliance in this area. Millions of taxpayers may find themselves...

Recordkeeping for Small Business

Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good records is an important part of running a successful business. Here are some questions and answers...

Business, Family, Property? When to Contact Your CPA

Overview: Addressing the best and worst times to contact your CPA. THE WORST TIME TO CONTACT YOUR CPA There are two times you shouldn’t contact your CPA: During your annual tax return appointment When you submit your documents to the CPA after the end of the year. Why? While this information needs to be submitted...

Menu