Please review the attached memo from HUD-MFH, sent earlier today. The memo states, “The purpose of this memorandum is to remind owners that auditors must follow the Department of Housing and Urban Development’s (HUD’s) Consolidated Audit Guide when auditing profit-motivated entities. These guidelines are necessary for mitigating the risk of fraud within Multifamily projects. It also highlights two significant fraud schemes – embezzlement and false certification.”
