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Thursday, May 22, 2008

Audits Are Back

May 9, 2008
As mandated in Section 603(a) of Public Law 109-8, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, the United States Trustee Program (USTP) established procedures to audit petitions, schedules, and other information in consumer bankruptcy cases filed on or after October 20, 2006. Pursuant to 28 U.S.C. § 586(f), the USTP contracted with independent accounting firms to perform audits in cases designated by the USTP.

In January 2008, the USTP temporarily suspended its designation of cases subject to audit for budgetary reasons. The USTP is preparing to resume its designation of cases, although random audits will now be conducted in 1 out of 1,000 cases (as opposed to 1:250 cases) filed in a judicial district. The USTP will resume its designation of cases subject to audit effective May 12, 2008.
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