This archived Governmental Audit Quality Center (GAQC) member-only conference call titled, The Recovery Act and Its Potential Impact on 2009 Single Audits, was presented by U.S. Federal Representatives and moderated by Mary Foelster of the AICPA. As noted in GAQC Alert #106 and GAQC Alert #111 , the American Recovery and Reinvestment Act of 2009 (the Recovery Act) is a very important piece of legislation that will impose many new requirements on your clients that receive federal funds, as well as have a significant impact on single audits going forward. Approximately $300 billion dollars in additional federal funds are being passed down from federal agencies to entities that are generally subject to single audit such as state and local governments, institutions of higher education, and various not-for-profit organizations.
The purpose of this archived call is to provide you with a federal perspective on the Recovery Act and what it will mean to auditors and their clients. The presenters, from both the Office of Management and Budget (OMB) and federal Inspectors General (IG) offices, are integrally involved in the implementation of the Recovery Act for their agencies and provide you with the latest information. After participating on this archived call, you will be better equipped to talk to your clients about:
- The latest Recovery Act guidance and the related reporting and other compliance requirements that your clients may become subject to;
- What the recently issued 2009 OMB Compliance Supplement says about the Recovery Act (see GAQC Alert #112 ) and what addendums to the 2009 Supplement you can expect to see going forward;
- What some federal IGs are doing in this area that might have an impact going forward; and
- What you and your clients might expect for your single audits going forward, including the effect on major program determination.
This call includes a question and answer (Q&A) session that is moderated by the Director of the GAQC, Mary Foelster. The Q&A includes many advance questions submitted by member firms as well as direct questions from participants.
About the Presenters
John Fisher, CPA, is a Technical Manager with the Office of Audit Services, Office of Inspector General, U.S. Department of Health and Human Services. John has been involved with single audits for over 25 years and was one of the project management staff that participated in the recent federal study on single audit quality. He is a graduate of the University of Kansas and a member of the AICPA, Kansas Society of Certified Public Accountants, Missouri Society of Certified Public Accountants, Association of Government Accountants, Association of Certified Fraud Examiners and the American Accounting Association.
Hugh M. Monaghan, CGFM, is a Director with Non-Federal Audits, Office of Inspector General (OIG), U.S. Department of Education (ED). Hugh served as the Project Director for the federal study on single audit quality. He also manages all aspects of ED OIG's activities relating to audits required to be performed by independent auditors engaged by entities funded by ED. This includes audit quality review, provision of technical assistance and guidance, and updating of audit guidance (ED related sections of OMB Compliance Supplement and ED OIG Audit Guides). Hugh is a graduate of the City University of New York, and lives in the New Jersey suburbs of Philadelphia.
Gilbert Tran, CPA, is a Senior Technical Manager with Office of Federal Financial Management at OMB. His main responsibilities are to develop and analyze policies and standards for OMB circulars on cost principles and audit requirements for federal programs to include specifically Circular A-21, Cost Principles for Educational Institutions, Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, Circular A-122, Cost Principles for Non-Profit Organizations, and A-133, Audits of States, Local Governments, and Non-Profit Organizations. Gil serves as the point of contact for all federal agencies on the implementation and interpretation of these OMB Circulars. He received a Bachelor of Science degree in Accounting from George Mason University, Virginia.
Mary M. Foelster, CPA, is a Director at the American Institute of Certified Public Accountants in Washington, DC, where her primary responsibility is to address governmental auditing and accounting matters. She oversees the activities of the AICPA Governmental Audit Quality Center and staffs both the AICPA Governmental Audit Quality Center Executive Committee and the State and Local Government Expert Panel. In addition to managing the activities of the Center and various technical projects, Mary is also responsible for monitoring and analyzing federal regulatory and legislative developments affecting auditing or accounting in governmental environment. Mary is a graduate of the University of Maryland.
Archived Call Listening Instructions
You should print out and have available the following attached presentation materials for reference during the archived call:
- The Recovery Act and Its Potential Impact on 2009 Single Audits Call Slides ( PDF or PowerPoint)
- Handout A – ARRA Examples
- Handout B – 2009 Compliance Supplement Appendix 7
- Handout C – List of Proposed Programs for CS Addendum
The presenters addressed many of the questions within the time allotted for the call. We encourage you to visit the forum to post additional follow-up questions at GAQC Member Discussion Forum.
Thank you for your interest in this GAQC conference call.
You can download the archived call for playing on your computer while offline or uploading to an MP3 player. To do so, right click on the following link and select "Save Target As" or "Save Link As." The download may take a while depending on your connection speed, so please be patient.
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