Dear Center Members: |
This GAQC Alert provides you with the following important information:
- Registration information for the new GAQC Web event on February 17, 2021, covering the fundamentals of Government Auditing Standards (also referred to as the Yellow Book) which we are offering as a resource to help train auditors performing single audits and Yellow Book audits for the first time;
- Registration information for the GAQC Web event on March 11, 2021, on the new Uniform Guidance regulation that is effective and will have implications for both auditees and auditors;
- Registration information for an event hosted by the AICPA Health Care Expert Panel on February 8, 2021, covering the latest financial accounting and reporting implications of the Provider Relief Fund (PRF);
- The availability of a no-CPE archive of the most recent GAQC Web event that was comprised entirely of questions and answers surrounding single audit COVID-19 implications; and
- A reminder about the required GAQC membership compliance questionnaire, which is due March 1, 2021, along with an early opportunity to register for the 2021 GAQC’s annual required Webcast.
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Government Auditing Standards Fundamentals Event Registration
The next live GAQC Web event, Government Auditing Standards Fundamentals, will be held on February 17, 2021, from 1:00 PM – 3:00 PM (Eastern Time). It should be of interest to staff assigned to single audits for the first time, especially those in your health care practices where we know there are many first-time audits due to the COVID-19 pandemic. Because single audit rules require both the financial statement audit and the compliance audit to be performed under Government Auditing Standards, it is integral for staff working on these engagements to have a strong understanding of the Yellow Book.
The event will cover the basics of Yellow Book requirements and provide a good foundation for your staff. Presenters are Tonya Moffitt (Merina + Co) and Brian Schebler (RSM). Join the event to learn about:
- When Yellow Book audits are required;
- The requirements of the 2018 edition of Government Auditing Standards, including the areas of CPE, independence, audit performance, and reporting;
- Key differences between Government Auditing Standards and AICPA standards; and
- How to access the Yellow Book, related guidance documents, and where to learn more.
GAQC Member Registration with CPE (fee). Access the CPE registration page.
GAQC Member Registration with no-CPE (free). Access the no-CPE registration page.
Uniform Guidance Revisions Event Registration
You can also register for the GAQC Web event, Uniform Guidance Revisions: What You Need to Know, on March 11, 2021, from 1:00 PM – 3:00 PM (Eastern Time). Presenters for the event are Rachel Flanders (CLA) and Tasha Repp (Moss Adams). As we previously informed you, the U.S. Office of Management and Budget (OMB) issued revisions to the Uniform Guidance back in August of 2020, that were the culmination of OMB’s 5-year review of the regulation. The changes will impact both auditees and auditors performing single audits. Topics to be covered include:
- A background and overview of the new rules with a focus on revisions made relating to period of performance, subrecipient monitoring, and the procurement rules, among others;
- Other aspects of the OMB issuance beyond the Uniform Guidance revisions;
- A review of the timing of how the rules are to be implemented; and
- Other related guidance expected from OMB.
GAQC Member Registration with CPE (fee). Access the CPE registration page.
GAQC Member Registration with no-CPE (free). Access the no-CPE registration page.
AICPA Webcast on PRF
The previous GAQC Web events covering PRF have focused largely on compliance auditing considerations. We want to make you aware that the AICPA's Health Care Expert Panel is also working diligently on PRF matters and is sponsoring an upcoming one hour Webcast that will focus primarily on PRF financial accounting and reporting considerations for health care entities and those that perform audits of those entities. Update on Accounting for Provider Relief Funds and other CARES Act Hot Topics will be held on February 8, 2021, from 1:00 PM – 2:00 PM (Eastern Time). New legislation passed at the end of 2020 will also be covered as it relates to health care entities. Because this is not a GAQC event, GAQC members will need to enter the member discount code at checkout ("GAQC") to obtain the member price. Access the registration page.
As it relates to for-profit entity PRF compliance auditing considerations, the latest information the GAQC has continues to be the GAQC Web event held on December 15, 2020, titled, An Audit Primer for Auditors of For-Profit Entities Receiving Provider Relief Funds. Access the no-CPE archive of that event. We have a meeting scheduled with staff of the Department of Health and Human Services in the coming week on this topic and will communicate any new information as soon as we have it. In the meantime, stay-tuned!
Lightning Round Archive
You can now access a no-CPE archive of the GAQC Web event, Single Audit Lightning Round, held on January 28, 2021. The event received very good reviews and included a lot of good information about single audit COVID-19 implications. Topic areas covered include:
- Audit submission extensions;
- New requirements to test Federal Funding Accountability and Transparency Act (FFATA) reporting that are effective now for many single audits;
- Questions about the Coronavirus Relief Fund, PRF, and the Education Stabilization Fund;
- Major program determination implications of COVID-19 funding;
- Schedule of Expenditures of Federal Awards timing issues; and
- Impact on internal control and compliance testing.
Have we piqued your interest? We hope so and strongly encourage you and your staff to listen to the archive and review the slides if you missed the live event.
GAQC Questionnaire and Annual Webcast
Member CPA firm designated audit quality partners and administrative contacts should have received via e-mail the mandatory firm 2020 GAQC Membership Requirements Compliance Assessment Questionnaire on January 19, 2021. Responses are due Monday, March 1, 2021. If you did not receive the questionnaire or have questions about it, please send an e-mail to gaqc@aicpa.org. State auditor members will receive their questionnaire later this month.
As an aside, the required 2021 GAQC Annual Update Webcast is to be held on Tuesday, May 4, 2021, from 1:00 PM – 3:00 PM (Eastern Time). We will send more information as we get closer, but if you would like to register early, the registration pages are now available as follows:
GAQC Member Registration with CPE (fee). Access the CPE registration page.
GAQC Member Registration with no-CPE (free). Access the no-CPE registration page.
As always, thank you for your continued support and your dedication to audit quality.
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Sincerely,
AICPA Governmental Audit Quality Center
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In This Alert |
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Ginnie Mae Update |
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Single Audit Fundamentals |
Do you still have staff that need basic single audit training? If so, our 4-part single audit fundamental series will be rebroadcast for CPE on February 15-16, 2021 (and again on April 22-23) Access registration information and use your member discount code "GAQC" at checkout. |
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Additional Resources |
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Stay Informed |
We welcome any suggestions or questions - please send them by e-mail at GAQC@aicpa.org.
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