The purpose of this archived Governmental Audit Quality Center (GAQC) member Web event is to provide participants with an overview of what you need to know about the 2011 Office of Management and Budget (OMB) Compliance Supplement (Supplement). It will be presented by a panel of practitioners that have first-hand experience with the Supplement and who have also been involved in related GAQC efforts.
The Supplement, which is updated each year, identifies the existing important compliance requirements that the federal government expects to be considered as part of a single audit and is one of the most important pieces of guidance that you use in performing single audits. It provides a source of information for auditors to understand federal program objectives, procedures, and compliance requirements, as well as audit objectives and suggested audit procedures for determining compliance with these requirements. This archived member Web event will provide you with:
- An overview of what has changed;
- A reminder on how the different sections of the Supplement work together;
- Specific emphasis on items relating to the Recovery Act, impact of loans on the major program determination process, and low-risk auditee status;
- What you need to know about the new reporting compliance requirements under the Federal Funding Accountability and Transparency Act and how it affects your single audit work; and
- An opportunity to hear live event participant questions answered.
Additionally, be sure to listen to the Follow-Up Q&A segment for an audio recording of answers to participant questions not answered during the live event (link to audio is at the bottom of this web page).
About the Presenters
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 & 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.
Ralph DeAcetis, CPA
, is a Managing Director in the PricewaterhouseCoopers LLP Boston office with 30 years of governmental audit experience. He is the national director of regulatory compliance associated with federal awards to the higher education, healthcare, government, and not-for-profit sectors. Ralph has been an active volunteer in the activities of the GAQC and the AICPA.
Scott Simpson, CPA, is a Partner with Moss Adams LLP and leads the Higher Education Practice Group for the firm, which includes the audits of over 50 institutions of higher education. He specializes in Higher Education, Governmental/Not-for-Profit, Public Utilities, and Health Care Clients. Scott has served as Partner-In-Charge on numerous Governmental and Not-for-Profit engagements and oversees some of the largest audits within the firm.
Archived Web Event Listening Instructions
You should print out and have available the An Overview of the 2011 OMB Compliance Supplement
– Member Web Event Slides (PDF
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.
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.
Download archived event to your computer or MP3 player
Follow-UP Q&A Segment
This event was well attended and generated over 100 questions that could not be answered within the two hours allotted for the Web event. Therefore, the Center staff and presenters reviewed the questions submitted by participants and selected those that are more global in nature to answer during this 54 minutes audio recorded Q&A segment.
Click here to Listen to the Follow-Up Q&A Segment for this Web event.