Mortgagor/Grantee's
Audit Guide

Table of Contents
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Table of Contents
Foreword
Mortgagor/Grantee's Audit Guide
Control and Management of the Development
Organizational Relationships
Reference Material
Submission
Audit Scope and Approach
Definitions
Contents of Annual Financial Statements
Appendices
   Appendix A
Sample Audited Financial Statements
Mortgagor/Grantee Certification
Management Agent Certification
Report on Audited Financial Statements and Supplemental Information
Balance Sheet
Statement of Profit and Loss
Statement of Changes in Owner's Equity
Statement of Cash Flows
  Notes to Financial Statements
  Organization
  Summary of Significant Accounting Policies
  Notes Payable and Due to Mortgagor/Grantee Entity
Risks and Uncertainties
Supplemental Information
  Accrued Expenses
Accounts and Notes Receivable (Other Than from Tenants)
Delinquent Tenant Accounts Receivable
Mortgage Reserve Funds (Schedule) Reserve for Replacements
Mortgage Reserve Funds (Schedule) Operating Reserve
Mortgage Reserve Funds (Schedule) Miscellaneous Reserve
Mortgage Reserve Funds (Schedule) Development-Held Reserve
Schedule of Funds in Financial Institutions
Changes in Fixed Asset Accounts
Accounts Payable Other Than Trade Creditors
Accounts Payable Trade Creditors
Identity of Interest/ Related Party Transactions
Statement of Surplus Cash/Residual Receipts and Distributions
Instructions for Statement of Surplus Cash/Residual Receipts and Distributions
Compensation of Partners or Officers
Declaration of Ownership
Identification of Engagement Auditor
Audit Compliance and Internal Control Questionnaire
Independent Auditor's Report on Internal Control
  (No material weaknesses, No Significant Deficiencies Noted)
Independent Auditor's Report on Internal Control
  (No material weaknesses, Significant Deficiencies Noted)
Schedule of Findings and Questioned Costs
Auditor's Comments on Audit Resolution Matters Relating to the HUD Programs
Corrective Action Plan
 Appendix B
VHDA Chart of Accounts
 Appendix C
VHDA Audit Guide Applicability
 Appendix D
Schedules and Reports Required
  Appendix E
Quick Reference Chart