This archived Governmental Audit Quality Center (GAQC) member-only conference call titled, The Recovery Act: A Practitioner's Perspective, was presented by panel of CPA practitioners and moderated by Mary Foelster of the AICPA. The GAQC held this call to provide you with another resource to help your firm better understand the implications of Recovery Act funds to your clients 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. With so much information on the Recovery Act and the rate at which guidance is being issued, we thought it important for members to have the opportunity to hear how other practitioners with clients affected by the Recovery Act have been addressing some of the related challenges.
About the Call
This second GAQC conference call focusing on the Recovery Act, which continues to be a hot topic in the single audit arena, provides an auditor's perspective on the implications of the Act. While there was some effect on June 30, 2009, single audits, the implications going forward are even greater. The call focused on the following:
First-hand experiences in dealing with Recovery Act audit implications and best practice suggestions;
A summary of the various Recovery Act guidance that has been issued to date (either by the federal government or the GAQC), including the most recent GAQC Alert #123 which contains information that the Office of Management and Budget asked the GAQC to distribute to our members relating to major program determination when an entity has expended funds received under the Recovery Act;
A description of the various guidance documents consulted; and
Details about discussions with clients that have yet to receive Recovery Act funds.
This call also includes a question and answer (Q&A) session moderated by the Center's Director.
About the Presenters
Heather Acker, CPA, is a Partner in the Public Sector Practice Group, of Baker Tilly Virchow Krause, LLP. She specializes in serving the financial needs of municipalities and counties. Heather has experience with numerous types of financial and compliance audits, including single audits. She has also helped many municipalities implement various Governmental Accounting Standards Board (GASB) pronouncements. Heather was recently appointed to the AICPA State and Local Government Expert Panel (term beginning October 2009). Heather is a graduate of the University of Wisconsin – Madison.
Kera Badalamenti, CPA, is a Partner with Heinfeld, Meech & Co., PC and has supervised more than 260 audits for school districts, municipalities, counties, grant schools, charter schools, insurance trusts, and not-for-profit organizations. She has directed her professional development toward audit and quality control standards, firm practice management, as well as the accounting and reporting issues which confront her firm's clients. Kera is a graduate of the University of Arizona.
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.
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. He has been a strong supporter of the AICPA and the Oregon Society of CPAs and has chaired the Eugene Local Service Area, a regional group of the State Society. Scott is a graduate of Norwich University in Northfield Vermont.
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 Call Listening Instructions
You should print out and have available the following attached presentation materials for reference during the archived call:
The Recovery Act: A Practitioner's Perspective Call Slides ( PDF or PowerPoint)
The presenters addressed many of the questions within the time allotted for the call. 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 conference call.
You can download the archived call 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.