The purpose of this archived Governmental Audit Quality Center (GAQC) Web event is to help auditors better understand the implications of Recovery Act funds on both auditees and your single audits. To date, the GAQC has issued a number of GAQC Alerts
and other resources on this topic area. Access to all of these resources can be found on the GAQC Recovery Act Resource Center
. While the event will primarily cover Recovery Act considerations, it will also provide an update on several other important matters for you to consider for your 2010 single audits.
The GAQC is committed to helping members overcome the challenges imposed by the American Recovery and Reinvestment Act of 2009
(Recovery Act). Although, the Recovery Act had some impact on 2009 single audits, it is expected to have a much more significant impact for 2010. This Web event is designed to provide you with the latest information on single audit Recovery Act implications and other related guidance that you should be aware of for purposes of planning your 2010 single audits. Specifically, this Web event will provide you with the following:
- The latest status of the 2010 Office of Management and Budget Compliance Supplement and expected guidance on the effect of Recovery Act funds on major program determination.
- Other expected Recovery Act additions to the 2010 Compliance Supplement.
- Other non-Recovery Act matters such as the status of guidance on extensions, low-risk auditee status, and the effect of loans and loan guarantee programs on major program determination.
- Changes to the Data Collection Form as a result of the Recovery Act.
- Practice tips and message points for clients.
The latest status of the 2010 Office of Management and Budget and expected guidance on the effect of Recovery Act funds on major program determination.
The presenter for this event will be Mandy Nelson, a partner with KPMG LLP, who has been very involved with the GAQC's efforts in working with the federal agencies as they develop their Recovery Act guidance.
About the Presenters
Mandy Nelson, CPA, is a Partner in KPMG's Department of Professional Practice. She issues guidance to KPMG offices on not-for-profit accounting, performing audits in accordance with Government Auditing Standards and performing single audits and serves as KPMG's liaison to federal agencies on single audit issues. Mandy is a current member and past chairperson of the Executive Committee of the GAQC. She also serves on many of the AICPA task forces established in response to the federal study on single audit quality. Additionally, she is a member of the AICPA Expert Panel for not-for-profit organizations and a member of the task force revising the AICPA Audit and Accounting Guide, Not-for-Profit Organizations. Mandy is a graduate of the University of Virginia and a very active member of the AICPA.
Mary Foelster, CPA, is a Director at the AICPA where her primary responsibility is to address governmental auditing and accounting matters. She oversees the activities of the GAQC and staffs both the GAQC 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 Web Event Listening Instructions
You should print out and have available the The Recovery Act: Information You Need to Plan and Perform Your 2010 Single Audits –Member Web Event Slides (PDF or PowerPoint)
The presenters addressed many of the questions within the time allotted for the event. 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 Event.
Listen to the archived event in streaming audio (Coming soon!)
You can download the archived event 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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