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d. Financial Data Submission (03/14/2016)
Supervised, Nonsupervised, and Investing Mortgagees must submit the financial data described below.
i. Small Supervised Mortgagees
A Small Supervised Mortgagee must submit a copy of its Unaudited Regulatory Report, signed by a Corporate Officer, that aligns with its fiscal year end.
ii. Large Supervised, Nonsupervised, and Investing Mortgagees
(A) Audit of Financial Statements
The Mortgagee must comply with the appropriate financial reporting procedures and requirements set forth in the HUD OIG Handbook 2000.04, Consolidated Audit Guide for Audits of HUD Programs.
(B) Accounting and Auditing Standards
The Mortgagee must have prepared its financial statements in accordance with GAAP and had its audit performed in accordance with the most currently effective Government Accountability Office Generally Accepted Government Auditing Standards (GAGAS), also referred to as the “Yellow Book,” and GAAS.
(C) Audit Related Questions
The Mortgagee must submit answers to FHA’s Audit Related Questions. FHA’s Audit Related Questions address information about the Mortgagee’s financial data, the type of audit completed, and any Findings reported.
(D) Independent Public Accountant Attestation
The Mortgagee must submit its recertification package to an Independent Public Accountant (IPA) for review. The IPA must review the Mortgagee’s financial data and Audit Related Questions, and complete the Agreed Upon Procedures. The Agreed Upon Procedures address compliance with required audit procedures.
iii. Exception for Government Mortgagees
Government Mortgagees are not required to submit financial information.