To ensure that financial information submitted to the Real Estate Assessment Center is reliable, staff of the Quality Assurance Operations Division (QASS) conduct quality control reviews (QCRs) of independent public accounting (IPA) firms. Audits performed by IPA firms are often considered HUD’s “first line of defense” when assessing the financial condition of a public housing agency (PHA), tribally-designated housing entity (TDHE), or multifamily ownership entity. Ensuring the accuracy of financial data submitted to the REAC is critical to HUD’s mission because such data are used to score housing agencies and identify factors preventing the successful and efficient delivery of affordable housing.
In addition, QASS’s staff of experienced auditors and certified public accountants conduct financial assessments of PHAs and TDHEs, and perform a wide variety of ad hoc financial reviews, both internal and external to the Department. These assessments seek to pinpoint the causes of financial irregularities, identify risks in new and ongoing programs, and provide realistic recommendations for mitigating financial distress and strengthening internal controls.