Audited Financial Statements Prepared For
Audited Financial Statements Prepared for HUD
Housing and Urban Development (HUD) accepted audited financial statements are used by Mortgage Broker, Lenders, and multifamily property business owners to provide financial accountability and accuracy to HUD and to ensure compliance with Federal Housing Administration (FHA) mortgage, business structure and operation requirements. Audited financial statements need to be provided to HUD in order to be able to receive mortgages and subsidies from HUD. Providing HUD with a company?s audited financial statements enables HUD to determine how the company operates financially and proves that the financial statements and accounting practices have been subjected to review, testing, and analysis. Based on the opinion presented in the audited financial statement, HUD can determine if a company?s financial statements are free of material misstatements or false/missing information or not.
An independent Certified Public Accountant (CPA) will prepare an audited financial statement using financial documents provided by the company. These documents will include various financial documents such as cash flow, income statement and balance sheets. The CPA examines the documents which support figures within the financial statements, assesses the overall accounting principles used, and evaluates the overall financial statement presentation. From this information the CPA creates an audited financial statement.
