A. The engagement is for a financial and compliance audit that must be conducted in accordance with: • Single Audit Act of 1984 (Public Law 98-502) and all applicable Single Audit amendments. • OMB Circular A-133 (Now replaced by OMB Super Circular); • Generally Accepted Auditing Standards (GAAS) established by the American Institute of Public Accounts. • Generally Accepted Government Audit Standards (GAGAS) (Yellow Book); • The standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. • Most recent Consolidated Audit Guide for audits of HUD programs. In addition to the financial schedules required by OMB, the audit report shall include the following schedules: 1. Completed Financial Data Schedule (Balance Sheet and Income Statement for all Programs and Projects). 2. Schedule of program costs for all programs closed during the fiscal year. 3. Schedule of adjusting journal entries. B. The PHA’S FYE 2025 will be extended for 21 months, starting April 1, 2024 through December 31, 2025. (Per the attached Fiscal Year End Change letter date October 7, 2024) See EXHIBIT A The 2025 HHA audit will be required to be completed prior to May 26, 2026 and the report presented to the board at the June board meeting. In order to meet this deadline, the following schedules must be met: 1. Field work completed by April 30, 2026. 2. Draft report submitted by May 14, 2026. 3. Final report submitted by May 28, 2026. The 2025 audits of Huntsville Senior Apartments, LP, and 360 Properties Huntsville, LP, will be required to be completed prior to March 1, 2026, in order for the investor, Raymond James, to have their copy by the required date of February 15, 2026. The tax returns should be completed priorto April 1, 2026
