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Recovery Act Resource Center 

The AICPA Governmental Audit Quality Center (GAQC) helps member CPA firms meet the challenges of performing quality audits. The passage of the American Recovery and Reinvestment Act of 2009 (Recovery Act) is certain to result in new challenges for auditors that perform audits under Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. This GAQC Resource Center is intended to provide members with a “one-stop” repository location to more easily locate various GAQC Recovery Act communications, other related GAQC tools and resources, and links to other Web sites that may provide information to assist auditors going forward. Keep in mind that the Center will continue to push timely information and updates out to member firms via GAQC Alerts, GAQC Updates, and Center calls.

If you are not a member firm and would like to learn more about membership in the GAQC, click here.

GAQC Tools

OMB Guidance on the Recovery Act

Other Useful Web Sites, Tools, and Information

Background

The Recovery Act, issued in early 2009, is capturing news headlines around the country. 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 and institutions of higher education. These federal funds are intended to either supplement existing federal programs (e.g., existing block grants for states), create new programs, or to provide more broad fiscal relief. In some cases, the funds will be passed directly to states or institutions of higher education and spent at that level. In other cases, direct recipients of Recovery Act federal funds will pass the funds through to subrecipients such as local governments or not-for-profit organizations. For this reason, the law mandates that there be an unprecedented amount of oversight and transparency around the spending of all funds associated with the law. Single audits will be impacted starting with June 30, 2009, year-ends, with more of an effect expected for single audits of year-ends thereafter. 

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AICPA Sends Congress Recommended Legislative Changes to New Partnership Audit Regime

Press Release The AICPA has submitted to Congress a set of recommended legislative changes to the new Partnership Audit Regime enacted as part of the Bipartisan Budget Act of 2015.
Published on November 17, 2017

Firm Mobility, Attest among Top Profession Trends in State Legislatures

Newsletter The CPA Advocate: March, 2017.  The comprehensive definition of attest, firm mobility taxation on professional services, and proposals related to human resources are key issues affecting the CPA profession that are arising in state legislatures in 2017.
Published on March 27, 2017

AICPA Recommends IRS Develop a New Income Tax Form to Improve S Corporation Shareholder Compliance

Newsletter The CPA Advocate: March, 2017.  The new form proposed by the AICPA would be a required attachment to any income tax return and would include items of income, loss, deduction or credit of an S corporation.
Published on March 27, 2017

House Judiciary Committee Approves Mobile Workforce Bill Identical Measure Introduced in U.S. Senate

Newsletter The CPA Advocate: March, 2017.  The Mobile Workforce State Income Tax Simplification Act of 2017, H.R. 1393, was approved by the House Judiciary Committee on March 22 and sent to the full U.S. House of Representatives for a vote.  An identical bill, S. 540, was introduced in the U.S. Senate.
Published on March 27, 2017

FASB Improves Master Trust Disclosures in Employee Benefit Plans

Newsletter The CPA Advocate: March, 2017.  The ASU was the result of work by the AICPA Employee Benefit Plan Expert Panel and the EBPAQC to alert FASB to the need for simplified employee benefit plan reporting.
Published on March 27, 2017

AICPA Proposes Guidelines to IRS for How to Allocate Dual Use Expenses of Exempt Organizations

Newsletter The CPA Advocate: March, 2017.  The Institute’s letter lists seven guidelines for the allocation of indirect expenses and provides examples to illustrate how the guidelines would be applied.
Published on March 27, 2017

In Profile Rep. Jim Renacci (R-Ohio)

Newsletter The CPA Advocate: March, 2017.  Congressman Renacci was elected to Congress in 2010 after a career as a CPA and entrepreneur that spanned more than 30 years.  He serves on the House Ways and Means Committee and the House Budget Committee.
Published on March 27, 2017

AICPA Urges Senate to Promptly Approve Pending Income Tax Treaties and Protocols

Newsletter The CPA Advocate: March, 2017.  Income tax treaties promote efficient tax administration and reduce barriers to trade that can help the U.S. job market flourish by paving the way for economic growth, the AICPA wrote.
Published on March 27, 2017

AICPAs Taxation VP Explains Institutes Approach to Tax Reform

Newsletter The CPA Advocate: March, 2017.  When it comes to advocacy related to tax reform, the AICPA is guided by two approaches: what’s in the public interest and what’s best for our members, according to Vice President for Taxation Edward S. Karl, CPA, CGMA.
Published on March 27, 2017

AICPA Technical Hotline

Overview The AICPA's Accounting and Auditing Technical Hotline provides members with free, high-quality technical assistance by phone concerning issues related to accounting and financial reporting, auditing and attestation, compilation, and review standards. The hotline is available from 9 a.m. to 8 p.m. Eastern time at 877.242.7212.
Published on March 24, 2017

Online Professional Library Product List

Overview This list provides product subscription pricing for the Online Professional Library. It contains the member and nonmember pricing for all publications included in the Online Professional Library.
Published on March 24, 2017

Networking

Article What you should know about who you should know. The typical, cynical version of the line goes like this: “It’s not what you know, it’s who you know.” Usually meaning that it—fill in the blank: getting into college, getting a job, getting a prom
Published on March 24, 2017

AICPA Outstanding Young CPA Award

Award The Young CPA award was created for recognition of a young AICPA member who demonstrates volunteerism and promotes the profession through work outside of his normal work duties.
Published on March 24, 2017

Tax Section News - 2017 Archives

Newsletter Tax Section News is a monthly e-newsletter specifically designed for Tax Section members. It provides in-depth articles on trending topics, announcements of new tools and resources, information on upcoming webcasts and conferences, and more.
Published on March 24, 2017

Estate Planning

Overview Clients are very concerned with planning their estate. Find out more about providing the Estate Planning services that will provide peace of mind for your clients.
Published on March 24, 2017

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