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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

AICPA News Update

Newsletter Archives of AICPA News Update.
Published on March 28, 2017

Comment Letters for the January 16, 2017 Member in Business Exposure Draft

Comment Letters The comment letters submitted for the January 9, 2017 Omnibus Exposure Draft for members in business  1. PICPA Professional Ethics Committee 
Published on March 28, 2017

PICPA Professional Ethics Committee Comment Letter

Comment Letter The Professional Ethics Committee (the committee) of the Pennsylvania Institute of Certified Public Accountants (PICPA) provides its comments on the recent revisions to the AICPA Code of Professional Conduct (the code) related to the proposed Revised and New Interpretations Applicable to Members in Business.
Published on March 28, 2017

Peer Review For CPA Firms

Overview Resources for CPA firms interested in peer review organized by firm size.  You can download the enrollment form, the change form, find a course that helps you prepare for your upcoming peer review, or find information on selecting a peer reviewer.
Published on March 28, 2017

Join PCPS

Overview PCPS can help your firm become more competitive by taking what you know now and using it in new ways. PCPS offers resources that help you create new strategies, develop new products and services, or make your existing services better.
Published on March 28, 2017

PCPS Membership

Overview PCPS membership provides its members with practical guidance and quick access to critical information on issues that affect their firms' quality, professionalism, and profitability.
Published on March 28, 2017

Cybersecurity Resource Center

Tools Find information and links to valuable resources for CPAs providing cybersecurity advisory and assurance services.
Published on March 28, 2017

Software Entities Revenue Recognition Task Force

Article The Software Entities Revenue Recognition Task Force has been created to address issues which may arise due to FASB's new revenue recognition standard. Here you will find the issues identified and further discussion.
Published on March 28, 2017

Not-for-Profit Entities Revenue Recognition Task Force

Article The Not-for-Profit Entities Revenue Recognition Task Force has been created to address issues which may arise due to FASB's new revenue recognition standard. Here you will find the issues identified and further discussion.
Published on March 28, 2017

Depository and Lending Institutions Revenue Recognition Task Force

Article The Depository and Lending Institutions Revenue Recognition Task has been created to address issues which may arise due to FASB's new revenue recognition standard. Here you will find the issues identified and further discussion.
Published on March 28, 2017

Engineering & Construction Contractors Revenue Recognition Task Force

Article The Construction Contractors Revenue Recognition Task Force has been created to address issues which may arise due to FASB's new revenue recognition standard. Here you will find the issues identified and further discussion.
Published on March 28, 2017

Brokers and Dealers in Securities Revenue Recognition Task Force

Article The Brokers and Dealers in Securities Revenue Recognition Task Force has been created to address issues which may arise due to FASB's new revenue recognition standard. Here you will find the issues identified and further discussion.
Published on March 28, 2017

Expert Panel - Investment Companies

Article The Investment Companies Expert Panel serves to protect the public interest and serves the needs of AICPA members on financial reporting and audit services for investment companies by bringing together knowledgeable parties in this specialized area. This page contains additional information about the panel.
Published on March 28, 2017

Net Investment Income Chart

Overview Chart from Bob Keebler on Understanding the Net Investment Income Tax.
Published on March 28, 2017

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