GAQC Alert No. 167 


    GAQC Alert #167 - Audit Resources, Annual Webcast; Upcoming Events, and Member Dues
     
    Audit Resources, Annual Webcast, Upcoming Events, and Member Dues
           
      AICPA
    May 24, 2011
    GAQC Alert #167
     
     
    In This Alert
       
    GAQC Audit Resources
    GAQC Annual Webcast
    Other Upcoming AICPA Events
    Technical Assistance
    Center Membership Dues
    Compliance Supplement Status
       
    OMB has yet to issue the final 2011 Compliance Supplement. We hope it will be issued soon and will notify you via a GAQC Alert upon its release.
    GAQC Discount Still Available for Upcoming NPO Conference
       

    Register now for the AICPA National Not-for-Profit Industry Conference to be held in Washington, DC on June 8-10, 2011.  GAQC members are eligible for a $50 discount.  This conference has an entire track dedicated to topics such as Yellow Book and single audits.  Click here to review the brochure and click here to register (GAQC members use discount code to obtain the discount).  Look for us at the GAQC Exhibitors booth!

    Save the Date!
       

    Two AICPA Webcasts of interest to our members are on the horizon.  Registration details will be provided in a future GAQC Alert.

    State and Local Government – 2011-2012 Audit Briefing, June 17, 2011, 2:00PM – 4:00PM Eastern Time

    Not-for-Profit Organizations – 2011-2012 Audit Briefing, June 28, 2011, 2:00PM – 4:00PM Eastern Time

    Additional Resources
       
    GAQC Alerts

    Archived GAQC Web Events

    Audit Practice Aids and Tools

    HUD Information
     
    Dear Center Members
    One key point that came across in our annual member compliance questionnaire is that our members want to be periodically reminded of the various resources the Governmental Audit Quality Center (GAQC) provides. Therefore, the purpose of this GAQC Alert is to inform you about the following as you begin thinking about the planning process for your 2011 audits:
    Audit resources available through the GAQC
    GAQC's annual Webcast
    Upcoming events
    Other ways to get technical assistance
    An update on your Center membership dues
    GAQC Audit Resources

    As a member of the GAQC you have access to many valuable resources and tools to help you with your governmental audits (including single audits, financial statement audits of both governments and not-for-profit organizations, and audits performed under the U.S. Housing and Urban Development (HUD) Consolidated Audit Guide for Audits of HUD Programs). Some of the resources we would like to remind you about follow.

    GAQC Web site (www.aicpa.org/GAQC). The GAQC Web site includes many of the resources described below including archived GAQC Alerts and almost 50 archived member Web events. Much of the archived information continues to be relevant to your current audits. For example, check out some of our more recent archived items:

    Member Web event titled: State and Local Government Financial Statement Audits: A 2011 Audit Issues Rundown
    Member Web event titled: Fun and Games with Not-for-Profit Functional Expenses
    GAQC Alert #164, New Federal Audit Guides Issued for Compliance Audits of For-Profit Recipients
    GAQC Alert #156, A Potpourri of Compliance Auditing Updates
    Click here to view other archived GAQC Alerts and click here to view other GAQC Web events. Resource Centers. You can also access several Resource Centers on the GAQC Web site. They are found under the “Resources” link on the GAQC home page.
    Recovery Act Resource Center to help auditors with the continued effects of the American Recovery and Reinvestment Act of 2009, including several archived member Web events. This section of the GAQC Web site is entirely open to the public.
    HUD Resource Center that provides the latest information on HUD activities, as well as background on various aspects of HUD audits and relevant archived GAQC Alerts and Web events.
    OMB Circular A-133 Resource Center that provides information on the OMB Compliance Supplement and links to other resources.
    Single Audit Quality Tools. Over the years, the GAQC has developed several Practice Aids and tools to assist our members. They can be found under the “Resources” link on the GAQC home page (then click on “Audit Practice Tools and Aids”). Here is a sampling of available items. Many of the items on this list are accompanied by a related archived member Web event:
    Schedule of Expenditures and Federal Awards Practice Aids for auditors and auditees
    Practice Aids for documenting your understanding and testing of internal control over compliance
    Aids for understanding Statement on Auditing Standards No. 117, Compliance Audits
    Guidance on sampling in a single audit environment
    Links to relevant peer review checklists and federal agency quality control and desk review checklists that you should consider using as part of your Inspection and Quality Control Programs
    Articles and aids on topics such as how to prepare for a quality control review and what to do when faced with reissuing a single audit report

    The Latest Illustrative Auditor’s Reports. We often get questions about appropriate auditor reporting. The latest versions of illustrative auditor’s reports can also be found under the “Resources” link on the GAQC home page. You will find Government Auditing Standards reporting, single audit reporting, and HUD reporting.

    Learning the Basics. The GAQC has provided several basic level Web events over the past several years that continue to be relevant and will assist members in helping staff, or potentially auditees, gain fundamental knowledge in key areas such as:

    The 2007 Yellow Book: What a Beginner Needs to Understand (open to the public)
    Single Audit Fundamental – A Four Part Series (available with both a Continuing Professional Education (CPE) option and a No CPE Option)
    The OMB Cost Principles and Their Relevance to Your Single Audits
    Walking Your Way Through the AICPA's Audit Guide for Performing Yellow Book and Single Audits
    Preparing for a Single Audit: An Auditee Perspective (open to the public)

    Member Discussion Forum. The GAQC Online Member Discussion Forum provides you with an opportunity to network, exchange information, share best practices, and discuss issues with other GAQC members. It is only as valuable as you, our members, make it. Please consider going to the Forum periodically, not only to post a question, but to consider posting a response to a question. We know that we have many members with various areas of expertise. Please consider sharing your knowledge with other members. The more members that participate, the more value this member benefit will bring! Click here to access a user guide to the Forum so that you can get started.

    GAQC Annual Webcast Available to Help You Get Ready For Your 2011 Audits

    Over 2,000 member staff participated in our recently held GAQC 2011 Annual Update Webcast. Remember that viewing the webcast is a membership requirement for each firm designated audit quality partner and state audit organization (SAO) designated audit quality leader. If you missed the Webcast and would like to view it with a No CPE Option, click here to access the archive. Alternatively, if you would prefer to obtain CPE for viewing the archive, you can wait a few weeks and we will have a CPE Option available. A future GAQC Alert will inform you of the availability of the CPE version of the Webcast.

    Other Upcoming AICPA Events
    National Not-for-Profit Industry Conference - June 9 - 10, 2011 (June 8 Optional Day), Washington, DC
    National Governmental Accounting and Auditing Update Conference - August 22 - 23, 2011 (August 24 Optional Day) in Washington, DC, and September 19 - 20, 2011 (September 18 Optional Day) in Las Vegas, NV
    National Governmental and Not-for-Profit Training Program - October 24 - 26, 2011, Lake Buena Vista, FL
    National Healthcare Industry Conference - November 17 -18, 2011 (November 16 Optional Day), Baltimore, MD
    See GAQC Alert #160 for more information on certain of the events listed above. GAQC members are eligible for a $50 discount. Use discount code to get the discount.
    Technical Assistance
    If you need to research a governmental technical accounting or auditing issue, many times the answer can be found by consulting one of the following AICPA publications:
    Audit Guide: Government Auditing Standards and Circular A-133 Audits and Audit Risk Alert: Government Auditing Standards and Circular A-133 Developments
    Audit and Accounting Guide: State and Local Governments and Audit Risk Alert: State and Local Governmental Developments
    Audit and Accounting Guide: Not-for-Profit Entities and Audit Risk Alert: Not-for-Profit Entities Industry Developments
    The GAQC Online Member Discussion Forum, described above, also allows you to search for topics and non-authoritative replies, or post a new topic for your colleagues to share their experience and best practices.

    Note that the Governmental Accounting Standards Board (GASB) also has its own GASB Technical Inquiry System. As resources allow, the GASB responds to technical inquiries about governmental accounting and financial reporting to promote the uniform application of generally accepted accounting principles and to foster relations with the GASB's constituency. The Financial Accounting Standards Board (FASB) has a similar FASB Technical Inquiry System which accepts questions on existing FASB accounting standards and certain other matters.

    The Government Accountability Office also accepts inquiries on technical or practice questions directly related to Government Auditing Standards. Send an e-mail to yellowbook@gao.gov to submit your question.

    If after consulting the above resources you still cannot find answers to your accounting and auditing technical question, contact the AICPA's Accounting and Auditing Technical Hotline by submitting your question electronically using the Technical Inquiry Form (accessible through the link below) or by calling the Technical Hotline at 1-877-242-7212.

    Click here for AICPA Technical A & A Hotline Inquiry Form

    For AICPA ethics or independence issues access the AICPA Professional Ethics Hotline by calling (888) 777-7077, menu option #5, followed by menu option #2, or e-mail at ethics@aicpa.org.
    Center Membership Dues

    Effective August 1, 2011, membership dues for the AICPA Audit Quality Centers will increase. This is the first dues adjustment since the Centers were established in 2004. Dues will continue to be based on the number of CPAs in the firm or SAO, and assessed annually as of the firm or SAO enrollment anniversary date.

    Annual dues will be $175 for firms or SAOs with fewer than 10 CPAs; $275 for firms or SAOs with between 10 and 49 CPAs; $550 for firms or SAOs with between 50 and 99 CPAs; $1,650 for firms or SAOs with between 100 and 499 CPAs; and $5,500 for firms or SAOs between 500 and 2,999 CPAs.

     
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    Sincerely,
    AICPA Governmental Audit Quality Center

    Stay Informed
    To stay abreast of these and other relevant events, visit the GAQC Web site. Also, we welcome any suggestions or questions.  Please send them by e-mail to GAQC@aicpa.org.
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