§ 950.972 - TOP Audit and administrative requirements.

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(a) Annual audit of financial statements. The financial statements of a RMC managing a project under this subpart shall be audited annually by a licensed certified public accountant, designated by the RMC, in accordance with generally accepted government audit standards. A written report of each audit shall be forwarded to HUD and the IHA within 30 days of issuance.

(b) Relationship to other authorities. The requirements of paragraph (a) of this section are in addition to any other Federal law or other requirement that would apply to the availability and audit of financial statements of RMCs under this part.

(c) General administrative requirements. Except as modified by this part, RMCs shall comply with the requirements of OMB Circulars A-110 and A-122, as applicable.

                    
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