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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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Accounting for Financial Instruments

Overview The FASB has been working on Financial Instrument standards for several years. The FASB released its Recognition and Measurement standard in January 2016 and its Credit Losses standard in June 2016. The hedging standard is expected to be released in Q3 2016.
Published on July 25, 2016

GAQC Uniform Guidance Resources

Tools Information on the new U.S. Office of Management and Budget (OMB) issued Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance or Uniform Guidance for Federal Awards).  The Uniform Guidance supersedes and streamlines requirements from eight different grant circulars into one set of guidance contained in
Published on July 25, 2016

Final Regulations Regarding Treasury Decision 9616

Report The AICPA comment letter proposes further extension of the effective dates in T.D. 9616 by one year each – moving the initial tracking of cost basis for options and debt instruments from January 1, 2014 to January 1, 2015, transfer reporting from January 1, 2015 to January 1, 2016 and reporting
Published on July 25, 2016

Forensic Accounting

Overview Access tools, non-authoritative guidance, and other resources to help the CPA forensic practitioner with the litigation process and engagements.
Published on July 25, 2016

FVS Eye On Fraud Newsletter Summer 2016

Newsletter The AICPA Forensic and Valuation Services Semi-Annual Report on Fraud Trends and Topics goes in depth about the disclosure of data breaches continues to worry consumers and corporations every day. Now, a new and growing cyberattack risk exists that has gone largely unreported: business email compromise (BEC).
Published on July 25, 2016

Business, Industry and Government Store

Product Products and publications of interest to members in business, industry, not-for-profit and government can be found here in the business, industry and government AICPA store.
Published on July 25, 2016

ASB Meeting Agenda and Materials August 2016

Meeting Materials Meeting Date: August 1-4, 2016 Milwaukee, WI Milwaukee Marriott Downtown Hotel 323 East Wisconsin Avenue Milwaukee, WI  53202 Please visit the hotel website for more information regarding this hotel, such as amenities, restaurants, di
Published on July 25, 2016

Letters of Comment on Exposure Draft of Proposed Statement on Auditing Standards-The Auditors Consideration of an Entity...

Comment Letter Comment Letter #1-Laura Lindal
Published on July 25, 2016

Starwood Hotels

Article AICPA offers member discounts on  Starwood Hotels and Resorts.
Published on July 25, 2016

Tax Ethics & Professional Standards

Overview This page provides guidance and information on tax ethics & professional standards for tax practice, as well as practice aids and resources to help members elevate their practices and maintain the highest ethical standards.
Published on July 25, 2016

Statements on Standards for Tax Services

Overview AICPA's Statements on Standards for Tax Services (SSTSs) are enforceable tax practice standards for members of the AICPA. These standards apply to all members regardless of the jurisdictions in which they practice and the types of taxes with respect to which they are providing service.  This page includes the full
Published on July 25, 2016

Reviewer Alert

Overview Access Peer Review top news in the Reviewer Focus.
Published on July 25, 2016

2016 Peer Review Conference General Session Agenda

Conference Materials Download a pdf file of the 2016 Peer Review Conference General Session Agenda.
Published on July 25, 2016

2016 Administrators Session Agenda

Conference Materials Download a pdf file of the 2016 Administrators Session agenda.
Published on July 25, 2016

July 2016 Reviewer Alert

Newsletter Download a pdf file of the July 2016 Reviewer Alert.
Published on July 25, 2016

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