[Code of Federal Regulations]

[Title 24, Volume 4]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR964.230]



[Page 461-462]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, 

               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

 

PART 964_TENANT PARTICIPATION AND TENANT OPPORTUNITIES IN PUBLIC HOUSING

--Table of Contents

 

                 Subpart C_Tenant Opportunities Program

 

Sec.  964.230  Audit and administrative requirements.



    (a) TOP grant recipients. The HUD Inspector General, the Comptroller 

General of the United States, or any duly authorized representative 

shall have access to all records required to be retained by this subpart 

or by any agreement with HUD for the purpose of audit or other 

examinations.



[[Page 462]]



    (1) Grant recipients must comply with the requirements of OMB 

Circulars A-110 and A-122, as applicable.

    (2) A final audit shall be required of the financial statements made 

pursuant to this subpart by a Certified Public Accountant (CPA), in 

accordance with generally accepted government audit standards. A written 

report of the audit must be forwarded to HUD within 60 days of issuance.

    (b) Resident management corporations. Resident management 

corporations who have entered into a contract with a HA with respect to 

management of a development(s) must comply with the requirements of OMB 

Circulars A-110 and A-122, as applicable. Resident management 

corporations managing a development(s) must be audited annually by a 

licensed certified public accountant, designated by the corporation, in 

accordance with generally accepted government audit standards. A written 

report of each audit must be forwarded to HUD and the HA within 30 days 

of issuance. These requirements are in addition to any other Federal law 

or other requirement that would apply to the availability and audit of 

books and records of resident management corporations under this part.