Get Audit Guidelines - The Illinois Housing Development Authority - Ihda

This guide provides clear and structured steps to complete the Audit Guidelines from the Illinois Housing Development Authority (IHDA) online. It is designed for individuals with varying levels of experience in financial reporting and compliance.

Follow the steps to successfully complete the form:

1. Click the ‘Get Form’ button to access the document and open it in your preferred digital editor.
2. Begin with the Introduction section. Familiarize yourself with the purpose of the guidelines and the objectives they address regarding your multifamily housing project.
3. Move to the Accounting and Audit Requirements section. Ensure all financial records conform to IHDA standards, and be prepared to submit financial statements that reflect the fiscal health of your project.
4. In the Additional Specific Procedures section, note any audit requirements specific to your project type, including documentation of related party transactions and cash transfers.
5. Check the Supporting Documentation Descriptions. Gather all necessary documentation that supports the financial information being reported, such as lease agreements and bank statements.
6. Fill in the Contents of the Annual Financial Statements. Ensure these sheets follow standard accounting practices as outlined and include supplementary information where necessary.
7. Review the Sample Financial Statements provided as a reference. Adapt your financial statements to align with the sample format while including any agency-required disclosures.
8. Once you have completed each section, thoroughly review your inputs for accuracy and completeness.
9. Save your work. You can download or print the completed document as needed or share it with your team or auditor for review.

Complete your documents online today to ensure compliance and timely submission!