Electronic Financial Statements: New Workaround Guide

If your Fiscal Year ends March 31, 2013, it will soon be time for you (or your accountant) to submit your audited financial statements electronically to HUD via the FASSUB system (part of HUD’s Secure Systems in WASS).

The challenge is that the automated FASSUB system hasn’t been updated yet, and doesn’t match the revised Consolidated Audit Guide (IG2000.04).  HUD has issued a Workaround document to help accountants submit in a compliant way, even though the available FASSUB template for submissions is not current. View the Workaround.

If your Fiscal Year ends later than March 31, 2013, you may not need the Workaround.  REAC/FASS personnel plan to update the online submission template later this year.

If your Fiscal Year ended December 31, 2012, you are not required to use the revised Audit Guide, and FASSUB submissions using the existing online template will be compliant.