HUD REAC Training

Board Meeting Chart on Screen
  • 9/10/2019 – 9/11/2019
  • Washington, D.C.
  • Hosting Speaking

Join CLA in for a two-day complimentary event in Washington, D.C. We’ll cover a range of topics, including an update on professional standard changes from GASB, OMB, and GAO, effective report writing and communications, single audits for the non-auditor, multiple generations in the workplace, lease standards, and innovations in the audit process.

During this session, we will discuss:

GASB update and other industry changes
  • Explain the major changes in new standards from three major standard setters: GASB, OMB, and GAO.
  • Analyze the impact of changes created by these new standards on organizations.
  • Identify action steps for management to ensure compliance with the changes.
  • Discuss GASB 83, 84, 87, 88, 89, 90, and 91.
Single audit update
  • Discover the changes and updates to the 2019 Compliance Supplement.
  • Identify the roles and responsibilities of the auditee and auditor.
  • Identify when a single audit is required.
  • Explain the changes to the HCVP, CFP, and Public Housing Program as a result of the new supplement.
Financial statements and data analytics
  • Identify financial statement balances particularly sensitive to misstatement.
  • Analyze changes in financial statements to assess financial viability.
  • Discuss tips and tricks on how to take large data and make sense of it.
Top five financial risks facing PHAs
  • Identify risks associated with using third party providers and the internal controls that can be implemented to help mitigate those risks.
  • Explain the common transactions of a RAD/LIHTC deal and how PHAs often record them incorrectly.
  • Identify main drivers for PHAs to use federal funding for unallowable transfers to other programs and the financial impacts of repayment agreements.
  • Discuss the latest trends in cybersecurity and the threat to PHAs.
  • Describe budget hurdles facing PHAs from lack of housing, increased costs for rehabilitation, and increased contract prices.
Common audit findings in housing authorities
  • Identify common audit findings.
  • Explain the importance of effective internal controls to help mitigate these common audit findings from occurring.
Housing authorities vs. REAC
  • Identify the difficulties that PHAs have with submitting an accurate and timely unaudited financial data schedule to the REAC system.
  • Dig deeper into the PHA’s perspective.
  • Discuss possible improvements in the REAC reviewers conditional acceptance and rejection comments.
Panel discussion and case studies
  • Identify the common REAC rejection comments and why they are happening.
  • Discuss areas where we can see improvement.

Who should attend

REAC program analysts that review financial statements on housing authorities.

Speakers:

Schedule

Tuesday, September 10

8:30 – 9 a.m. — Registration, breakfast, and welcome
9 – 10:50 a.m. — GASB and other industry updates
10:50 – 11:05 a.m. — Break
11:05 a.m. – 12:35 p.m. — GASB and other industry updates (continued)
12:35 – 1:25 p.m. — Lunch
1:25 – 3:25 p.m. — Single audit update
3:25 – 3:40 — Break
3:40 – 5 p.m. — Financial statements and data analytics

Wednesday, September 11

8:30 – 9 a.m. — Breakfast
9 – 10:50 a.m. — Top five financial risks facing PHAs
10:50 – 11:05 a.m. — Break
11: 05 a.m. – 12:15 p.m. — Common audit findings in housing authorities
12:15 – 1:05 p.m. — Lunch
1:05 – 2:45 p.m. — Housing authorities vs. REAC
2:45 – 3 — Break
3 – 5 p.m. — Panel discussion and case studies

Location

REAC Headquarters
550 Twelfth Street
Southwest Washington, DC 20024

Questions?

Contact James Wen at jie.wen@hud.gov.

CPE

Credits available: Auditing (Governmental), Accounting (Governmental)
Recommended CPE:
Day 1: 8 credits, day 2: 8 credits
Prerequisites: Working knowledge of government accounting, auditing and housing authorities. 
Program level: Intermediate
Advance preparation: None
Delivery method: Group live

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