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External auditor reports progress but flags HUD inspection findings and questioned costs in 2023 audit
Summary
Benjamin Lau of Messiah, Genie & O'Connell (MGO) presented the Housing Authority's FY2023 audit results, reporting a modified opinion on the financial statements but identifying two single-audit findings tied to housing quality standards inspections and questioned costs.
Benjamin Lau of Messiah, Genie & O'Connell (MGO), the Housing Authority's external auditor, presented the Authority's fiscal year 2023 audit results to the Commission on Feb. 27, saying auditors issued a modified opinion on the Authority's basic financial statements and identified two single-audit findings tied to housing quality standards (HQS) inspections.
Lau said the modified opinion on the financial statements amounted to a “clean report” but included two emphases of matter: a concentration of HUD (federal) revenue and a longstanding going-concern qualification related to the discretely presented component unit for Plaza East Associates. He also said auditors issued a qualified opinion on the Housing Choice Voucher program component of the single audit and described two findings on special tests and provisions concerning HQS inspection enforcement.
Why it matters: the single-audit findings relate to HUD-funded…
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