Available December 2018 for Knowledge Coach, look for our Knowledge-Based Audit of HUD Multifamily Housing Programs. Primarily, its objective is to show practitioners the most effective approach for conducting high-quality audits of HUD programs. Additionally, it will enhance the quality of your practice. Moreover, the approach it presents will help you perform your audit engagements even more effectively and efficiently.
Furthermore, the 2018 HUD Multifamily Housing Programs updates are in accordance with:
- Auditing standards generally accepted in the United States of America (U.S. GASS),
- Government Auditing Standards (GAGAS),
- Consolidated Audit Guide to Audits of HUD Programs, published by the U.S. Department of Housing and Urban Development (HUD Audit Guide)
This module includes up-to-date guidance for audits of programs identified under Chapter 3, Housing and Urban Development (“HUD”) Multifamily Housing Programs. Chapter 3, Housing and Urban Development (“HUD”) Multifamily Housing Programs includes a Compliance and a Financial Statement title package.
Many Updates and New Enhancements
Many updates and new enhancements are in the 2018 Knowledge-Based Audit of HUD Multifamily Housing Programs, including:
- Audit recommendations from AICPA’s Audit and Accounting Guide: Revenue Recognition, including several new revenue related steps in AUD-803 Audit Program: Revenue and Accounts Receivable
- New tips for the new proposed statements on auditing standards and new finalized FASB standards, including Omnibus Statement Auditing Standards, 2018
- A new RES-027 Controls Related to FASB ASC 606, Revenue from Contracts with Customer – Five Step Model will be included, to assist users whose clients have adopted the new Revenue Recognition Standards
- A new AUD-910 Audit Program: Specific Element, Account or Item of a Financial Statement, for auditors performing engagements under AU-C 805
- Links to TeamMate Analytics throughout the AUD-800 series programs will assist the auditor with analytical procedures that are beneficial in the audit process
- Enhanced instructions and procedures throughout the toolset for an improved workflow
- Reorganization of multiple areas within the Audit Programs to increase efficiency and improve workflow
- New columns in the workpapers documenting internal controls (KBA-400s) to improve workflow and address questions customers have raised in the past
- Enhancements to the activity-level control forms with updated subprocesses and activity-level control objectives throughout all the KBA-403 series workpapers
- Changes to the benchmark/rule of thumb percentage table in KBA-301 Worksheet for Determination of Materiality, Performance Materiality, and Thresholds for Trivial Amounts, so users can document a separate benchmark and rule of thumb percentage not used in the KBA methodology
- New comments table in AUD-100 Engagement-Level Tailoring Questions to document any information you want to capture related to tailoring
Remember, most of these updates and enhancements will also be made to titles following the release of 2018 Commercial Entities.
Tips to Improve Realizations & Client Service
Regarding increasing your realizations and improving your client service, it is critical to find ways to maximize efficiencies. Doing so will ensure a healthy bottom line and, at the same time, improved client service. Consider these tips:
- When you roll-forward your prior year engagements, make sure you get the latest content updates. Also, make sure you keep your responses, where it makes sense. Then, you simply review for changes.
- CCH ProSystem fx Knowledge Coach allows updating to the latest content at any time, while keeping your answers and customizations. Take advantage of the saved time and start your planning!
- Give yourself a head start by reducing your client’s PBC list by ~25% through technology.
- CCH Audit Accelerator requests all the data you need from your client’s general ledger, accounts payable and accounts receivable sub-ledger. It then transforms that data into the most commonly used workpapers, including access to the detailed transactions. Then, with TeamMate Analytics, you run analytics to see the anomalies or risky transactions more quickly for planning a higher quality audit. What you gain is more answers at your fingertips and, ultimately, a more informed view of your client at the beginning of each engagement.
- Tailor your audit programs in direct response to the client’s risk. This will help you avoid over and under auditing. You will also get your ‘best bang for your buck’ with your audit procedures.
- By design, Knowledge Coach easily ties risks to audit procedures. The result is a higher quality and more efficient audit and, thus, a happier client.
Are you interested in increased realizations and improved client service? Then check out the Integrated Audit Approach today.