| Dear Center Members: |
The purpose of this GAQC Alert is to inform you of the following matters:
- Registration information is now available for an upcoming GAQC live Web event, What Federal Agencies Are Finding in Single Audit Quality Control Reviews, to be held on Wednesday, October 12, 2022, from 1:00 – 3:00 PM (Eastern Time);
- The GAQC is announcing its planned live Web event schedule through June 2023;
- A GAQC article, Governmental Audits of Single Financial Statements or Elements, has been released, due to an increase in these engagements due to pandemic funding; and
- A six-month single audit submission extension has been granted for recipients in Puerto Rico.
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Single Audit Quality Event
Register now for the next live GAQC Web event, What Federal Agencies Are Finding in Single Audit Quality Control Reviews. It will be held on Wednesday, October 12, 2022, from 1:00 – 3:00 PM (Eastern Time). The time is right for this event as we are aware that there has been an uptick in federal quality control reviews (QCRs) of single audits and we expect even more in the future that will focus on single audits of pandemic funding.
A panel of practitioners will lead this presentation and provide insights on the following:
- A summary of the most common findings identified in recent QCRs and desk reviews as shared with the GAQC by several federal agencies' Offices of Inspector General;
- Best practices and practical tips on how to avoid such deficiencies; and
- An overview of the QCR process and what to expect if your engagement is selected.
The presenters for this event are Rachel Flanders, CPA, CliftonLarsonAllen LLP; Tom Sneeringer, CPA, RSM US LLP; and Hope Pendergrass, CPA, Mauldin & Jenkins, LLC.
GAQC Member Registration with CPE (fee). Access the member CPE registration page.
GAQC Member Registration with no-CPE (free). Access the member no-CPE registration page.
GAQC Web Events Schedule
Members regularly rate GAQC Web events as one of the most valuable aspects of their membership. The following schedule is provided for your planning purposes and includes all live GAQC events scheduled between now and June 2023. Use the links to hold the dates and times on your calendar. All times for the events are 1:00 PM – 3:00 PM (Eastern Time). We will do our best to stick to these dates but sometimes changes to the schedule are needed. If a change occurs, we will inform you in a future GAQC Alert. Feel free to forward this GAQC Alert to your staff so they can hold the dates too. Note that we will also offer rebroadcasted events during this time period but will inform you of those as the dates approach.
Date/Time (Eastern)
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Title
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Calendar Invite
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| Oct. 12, 2022 |
What Federal Agencies Are
Finding in Single
Audit Quality Control Reviews |
See Registration Information Above |
| Nov. 16, 2022 |
Hot Topics in
Auditing Pandemic Funding |
Add to calendar |
| Dec. 15, 2022 |
Independence in Yellow Book Audits and Other Ethics-Related Updates |
Add to calendar |
| Jan. 12, 2023 |
GASB's Lease and SBITA Standards: Practical Implications and Adoption Challenges |
Add to calendar |
| Jan. 26, 2023 |
GAQC 2023 Single Audit Lightning Round |
Add to calendar |
| Feb. 16, 2023 |
GAQC 2023 Auditing State and Local Governments Lightning Round |
Add to calendar |
| Mar. 16, 2023 |
Evaluating Findings and Reporting in a Single Audit |
Add to calendar |
| Apr. 20, 2023 |
Auditing the Most Common Programs Received by School Districts |
Add to calendar |
| May 2, 2023 |
2023 Annual Required GAQC Webcast |
Add to calendar |
| May 18, 2023 |
2023 State and Local Government Audit Planning Considerations |
Add to calendar |
| June 13, 2023 |
2023 OMB Compliance Supplement and Single Audit Update |
Add to calendar |
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IMPORTANT NOTE: The required 2023 GAQC Webcast will be held on Tuesday, May 2, 2023. Please be sure to hold that date. If you have not yet viewed the required 2022 GAQC Webcast, we are working to schedule one last CPE rebroadcast on November 9, 2022, and will inform you once registration is open. You can also view the no-CPE archive of the 2022 Webcast as another alternative.
New AU-C 805 Article
The GAQC has released a new non-authoritative article, Governmental Audits of Single Financial Statements or Elements, due to an increase during the pandemic of audits of single financial statements or specific elements, accounts, or items of financial statements under AU-C section 805, Special Considerations — Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement. These engagements may involve governments, not-for-profits, or for-profit entities. An example of a pandemic-related audit where AU-C 805 comes into play is a financial audit of a for-profit recipient of the Provider Relief Fund program. Further, a stand-alone opinion on the schedule of expenditures of federal awards in a program-specific audit under the Uniform Guidance is another common example where the reporting on the schedule is under AU-C 805.
The article addresses common questions the GAQC has been receiving in topic areas such as the following:
- The auditing literature that applies to these engagements.
- Other AICPA auditing standards that are typically adapted and applied to these engagements.
- Considerations for when the audits are also performed under Government Auditing Standards.
You should review the article if you are planning to perform an audit subject to AU-C section 805 to help ensure you do not miss any relevant considerations.
Extension for Puerto Rico Recipients
Although we already communicated this in an e-mail, we are including it again here in the event you did not receive the e-mail. The Office of Management and Budget (OMB) has announced on the Federal Audit Clearinghouse Web site that it has granted a six-month audit submission extension for all single audits that cover recipients in Puerto Rico and have due dates between September 18, 2022, and December 31, 2022. This extension has been granted in response to the complications created by hurricane Fiona and the resulting declaration of Puerto Rico a major disaster area under the Stafford Act on September 18, 2022. The OMB has informed the GAQC that the formal communication of this extension will be issued via an OMB Memorandum. We will inform you once this Memorandum is issued and of any other storm-related extensions we become aware of as soon as we learn of them.* * * * *
Sincerely,
AICPA Governmental Audit Quality Center |
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