| Dear Center Members: |
This GAQC Alert informs you about the following important matters:
- Notification that the no-CPE archive of the GAQC Web event, 2020 Supplement and COVID-19 Single Audit Implications, held on September 9, 2020, is now available;
- An update has been made to the GAQC nonauthoritative summary of new COVID-19-related federal programs to reflect that Employee Retention Credit are not subject to single audit and for other updates;
- Miscellaneous COVID-19-related and other updates;
- A last chance reminder to let clients or potential clients know about our September 14, 2020, CPE Web event, Preparing for your First Single Audit: An Auditee Perspective;
- Information on how to get the 2020 editions of the AICPA Audit Guide, Government Auditing Standards and Single Audits (GAS-SA Guide) and the 2020 AICPA Audit and Accounting Guide, State and Local Governments (SLG Guide); and
- Volunteer opportunities on several important AICPA committees, including the GAQC Executive Committee and the State and Local Government Expert Panel.
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Access No-CPE Archived COVID-19 Single Audit Web Event
As mentioned in GAQC Alert #412, due to a change in the technology platform for all AICPA Web events, we are unable at this time to offer both paid CPE and free, no-CPE options on the same live event. We continue to work on addressing this and apologize for any inconvenience. In the meantime, we are providing you with a link to the no-CPE archive of our September 9, 2020, event titled, 2020 Supplement and COVID-19 Single Audit Implications. Access the archived event. If you missed the live event, we strongly recommend you listen to the archive to get the latest information on the Supplement and single audit COVID-19-related implications.
GAQC Summary of New COVID-19 Programs
The GAQC has updated through September 4, 2020, its previously released nonauthoritative summary of information about federal programs that have been established as a result of the COVID-19 pandemic, including whether they will be subject to single audit. Access the updated summary. Updates are identified throughout the document and can be easily found by searching for "9-4-20." Among the changes are:
- A new section indicating that the Employee Retention Credit, which is a refundable tax credit against certain employment taxes, is not subject to single audit. We received confirmation on this from OMB and Department of Treasury (Treasury) staff.
- Updates to various federal agency information links for updated or new guidance released.
- A notation of the programs that are expected to be included in the addendum to the 2020 Compliance Supplement, which aligns with our previously released document, Federal Programs Expected to be Included in the 2020 OMB Compliance Supplement Addendum.
The GAQC may again update this document as matters evolve. Therefore, if you print the document, be sure to check the GAQC Web site regularly and refer to the "as of" date on the first page. We will notify you via a GAQC Alert when changes are made as well.
COVID-19-Related and Other Updates
Agency Guidance. This is a reminder that you and you clients should periodically be checking agency Web sites for updates to COVID-19-related guidance and frequently asked question documents as they are regularly being revised. As it relates to the 3 biggest new programs, here are links you should regularly be checking: (1) Coronavirus Relief Fund (CRF) (https://home.treasury.gov/policy-issues/cares/state-and-local-governments); (2) Provider Relief Fund (https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/index.html); and (3) Education Stabilization Fund (https://oese.ed.gov/offices/education-stabilization-fund/). These are the high-level links and you will need to drill down to find detailed and pertinent information. Separately, the Treasury Office of Inspector General has recently issued a report titled, Coronavirus Relief Fund Frequently Asked Questions Related to Reporting and Recordkeeping, that contains useful information regarding the CRF.
CDBG Waivers. The Department of Housing and Urban Development issued a Federal Register (FR) Notice on August 20, 2020, titled, Notice of Program Rules, Waivers, and Alternative Requirements Under the CARES Act for Community Development Block Grant (CDBG) Program Coronavirus Response Grants, Fiscal Year 2019 and 2020 Community Development Block Grants, and for Other Formula Programs. If you audit the CDBG program, this is a document that may provide useful information to you and your clients. Keep in mind also that the CDBG program is expected to be included in the 2020 Supplement addendum.
HEERF and ESSER Data Collection Proposals. The U.S. Department of Education (ED) has also released FR proposed Data Collection Form proposals that would collect information from participants in the Higher Education Emergency Relief Fund (HEERF) and the Elementary and Secondary School Emergency Relief Fund (ESSER). This collection of information is unrelated to the single audit Data Collection Form. If you have clients receiving these funds, you may wish to make them aware of these proposals as a client service. Comments are due September 28, 2020. Access the HEERF proposal. Access the ESSER proposal. These links will take you to the proposed notice, as well as the proposed Data Collection Forms and ED's "supporting statements."
Uniform Guidance Markup. As noted in GAQC Alert #412, OMB recently issued an update to the Uniform Guidance. To assist in more easily identifying what has changed, a markup of the existing regulation showing what is changing is now available at: https://www.performance.gov/CAP/grants/.
Preparing for First Single Audit
Don't forget that we are offering a live GAQC CPE Web event, Preparing for your First Single Audit: An Auditee Perspective, on Monday, September, 14, 2020, from 1:00 PM to 3:00 PM (EasternTime). With the significant influx of federal funding due to the COVID-19 pandemic, there will likely be many entities that have never had to undergo a single audit before. If you have state, local government, or not-for-profit clients or potential clients in this situation, please make them aware of this event. GAQC members are certainly welcome too (be sure to use "GAQC" code at checkout). Access registration information. We will post a no-CPE archive of this event shortly after its airing for members and clients that are not interested in CPE.
2020 Governmental Guides
2020 GAS-SA Guide. The 2020 edition of the AICPA GAS-SA Guide is now available in both paperback and e-book formats and is an invaluable resource for auditors performing audits under Government Auditing Standards and single audits. Access purchase information for the GAS-SA Guide. The 2020 edition has more significant updates than usual due to the 2018 edition of Government Auditing Standards becoming effective. It also includes the addition of concepts introduced in the 2019 Compliance Supplement such as the 6-requirement mandate and internal control guidance enhancements.
2020 SLG Guide. The 2020 edition of the AICPA SLG Guide is now available in e-book format and the paperback edition will be available later this month. This Guide is an extremely useful resource for auditors performing state and local government financial statement audits. Access purchase information for the SLG Guide. It also includes significant updates for 2020. Governmental Accounting Standards Board (GASB) No. 84, Fiduciary Activities, has been completely incorporated, as well as several other GASB standards. Additionally, a comprehensive new appendix has been added providing important information about GASB Statement No. 87, Leases.
AICPA Volunteer Opportunities
Serving on AICPA volunteer committees and panels provides great opportunities for professional development. If you are a partner in a firm or State Audit Organization leader and are interested in contributing to the profession and networking with your peers, consider applying to serve on the GAQC Executive Committee, the State and Local Government Expert Panel or various other AICPA Industry Expert Panels (e.g., Not-for-Profit Entities Expert Panel, or Health Care Entities Expert Panel). Applications are now being accepted for the next volunteer period (May 2021 – May 2022) and can be submitted until October 1, 2020. Access volunteer applications. Be sure to upload a detailed resume along with your application. Questions about the process? Send an e-mail to AICPA Volunteer Services.* * * * *
Sincerely,
AICPA Governmental Audit Quality Center |
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| In This Alert |
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| Miss the Required Webcast? |
| If so, and you want CPE, register for the rebroadcast of the 2020 GAQC Annual Update Webcast on October 09, 2020, from 1:00 PM to 3:00 PM (Eastern Time). Use "GAQC" discount code at checkout for member pricing. Don't want CPE? Listen to the no-CPE archive. |
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| Additional Resources |
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