If there is a reportable condition, material weakness or non-compliance issue noted during the audit, does it need to be corrected prior to submitting via LASS?
A19. No, although it may need corrected prior to being recertified. If a reportable condition, material weakness or compliance issue has not been corrected prior to the due date, the lender should still submit. If the LASS team concludes more information on the reportable condition, material weakness or compliance issue is required in order to make a recommendation for recertification, the lender will be required to submit additional information prior to being recertified. If the reportable condition, material weakness or compliance issue has been corrected and guidance is required on what should be submitted, please call the accounting/auditing helpline at (202) 755-7400 ext. 100 or email LASS@hud.gov.
Related Questions
- The Warning Letter identifies several issues noted during a March 2005 inspection that were not corrected prior to the 2006 inspection. Why didn FDA issue a Warning Letter for these issues in 2005?
- If there is a reportable condition, material weakness or non-compliance issue noted during the audit, does it need to be corrected prior to submitting via LASS?
- Can we obtain copies of the most recent management letters? Any reportable conditions or material weaknesses noted?
