The audit is to be performed in accordance with generally accepted auditing standards and will additionally require compliance testing and a study of internal accounting controls. The Auditor will be required to state that these have been performed in accordance with OMB Circular A-133. The Auditor shall also be responsible to audit according to the Uniform Financial Reporting Standards (UFRS) for Public Housing Authorities, except that the Housing Authority will submit its own unaudited and audited data via the Financial Assessment Subsystem (FASS) of the Real Estate Assessment Center (REAC). The Auditor shall include the Financial Data Schedule (FDS) as supplemental information in their audit report and will be responsible for verifying the FDS data submitted by the Housing Authority. In this regard, the Auditor must be familiar with the REAC electronic submission process, have a REAC User ID, and be able to provide the appropriate information to the PHA on a timely basis.
