Annual Audit Services

The Vendor is required to provide annual audit services for include:
•    An examination of the financial statements of the agency in compliance with the generally accepted government auditing standards (“GAGAS”) for the fiscal year beginning January 1 and ending December 31 in the form acceptable to meet the requirements of the state housing and mortgage finance agency’s enabling legislation.
•    This audit will include breakout by primary government, including general fund, single-family bond funds, and multi-family bond funds. 
•    Each audit must be completed to meet the deadline established (currently due annually on march 31 or 90 days after fiscal year end) by outside business interest for the filing of such reports (however extensions are usually required for completion state GASB 68 pension report is usually not available until early-august).
•    Staff assigned to the agency should have the ability to provide production of all draft financial statements, including statement of net position, statement of revenues, expenses and changes in net position, statement of cash flows, and footnotes, utilizing Microsoft word and excel.
•    Stand-alone audits of, corporation, the single-family housing revenue bond resolution, the multi-family revenue bonds resolution and any other resolution subsequently adopted by the agency as required by the securities exchange commission under its continuing disclosure obligations.
•    A financial and compliance audit of the financial statements applicable for each year ending December 31 for all federal programs such as but not limited to the interest reduction program, community development block grants, homeowners assistance fund (HAF), affordable housing production fund (AHPF), workforce housing program (WHP), urban preservation program (UPP) and affordable housing gap subsidy program (AHGSP) in accordance with generally accepted auditing standards, government auditing standards issued by the comptroller general of the united states, the single audit act amendments of 1996, the provisions of office of management and budget circular a133 “audits of state and local governments”, circular a-87 and audit requirements established by the department of housing and urban development including the requirement to prepare and submit standard form sf – sac “data collection form for reporting on audits of states, local governments and nonprofit organizations” to the federal clearinghouse designated by OMB, along with the appropriate electronic submission specified by the circular.
•    Financial review or supplementary information and schedules which are required by GINNIE Mae, Freddie mac and Fannie Mae for participation in the securitization of mortgages into mortgage-backed securities (MBS).
•    These valuation services are performed annually as of December 31 for inclusion in the footnote disclosures of the audited financial statements.
•    Each audit shall be a full and complete audit of all financial statements, systems and accounting groups of the agency.