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GAQC Home > GAQC Update Vol. 1

 

GAQC UPDATE

Vol. 1

December 16, 2004

 

  

Dear Center Member,

 

Welcome to the Governmental Audit Quality Center (GAQC) and our inaugural issue of the GAQC Update. On behalf of the AICPA and the Governmental Audit Quality Center (GAQC) Executive Committee, we will be communicating with you on a monthly basis as part of your benefits of membership to:

 

§         Update you on issues and developments in governmental auditing

§         Alert you to important news affecting your practice

§         Tell you about upcoming Center events or initiatives

§         Provide guidance and point you to helpful resources

 

Your feedback as Center members is valuable to us so that we can continue to offer you benefits and information that meet your needs as providers of governmental audit services.  As you read through the first issue of GAQC Update, we hope you find the information useful.  Please email your suggestions for additions to future issues to the Center’s email box at GAQC@aicpa.org.

 

We also encourage you to share the information in this Update with members of your firm to help keep them informed.

 

Center News

 

Membership Update

 

The GAQC was officially launched on September 27, 2004 as a resource for CPA firms performing governmental audits and as a way for those firms to demonstrate their commitment to audit quality.  As of today, 102 firms have already joined the Center.  Last week, invitation letters were sent to managing partners at more than 6,000 AICPA member firms that perform governmental audits asking them to also join the Center.  This is the first phase of a multiple stage recruiting program.  We expect our membership numbers to begin climbing as a result of this effort.  Membership in the Center demonstrates your commitment to audit quality and we are here to support you in communicating that commitment to others. 

 

Member Firm Information Available Online

 

As an important benefit to you as Center members, your firms are listed for public view on the Center Web site.  The Center plans to publicize this list in its outreach efforts so that stakeholders are aware of your commitment to audit quality.

 

The first member list, sorted alphabetically, includes firm contact information and the designated audit partner responsible for the quality of the firm’s governmental audit practice. The second member list allows visitors to view members by state. We plan to update the member lists for new members every other week.  The next list to be posted will be as of December 17 and you can look for it on the Web site sometime early next week. Visitors to the Center Web site are able to link directly from the member listing to a member firm’s Web site (if applicable) and also can access the firm’s most recent peer review information in the AICPA Peer Review Program file. Some firms have developed Web site content specific to their governmental audit practice and may prefer the Center to link directly to that content. If you wish the Center to change the link on the member listing to your firm Web site (by either changing or deleting the link), please let us know by contacting the Center at GAQC@aicpa.org. In the near future, we will be contacting those of you that we still need peer review information from. 

 

Getting the Most Benefit Out of Your GAQC Membership

 

There is tremendous value in being a member of the GAQC¾as a member you receive:

 

·   Assurance that the GAQC is representing your collective interests to ensure that the importance of quality governmental audits is understood and communicated to a wide range of stakeholders, including regulators and entities looking to engage CPA firms;

 

·   Acknowledgment of being a Center member by inclusion in a member listing that will be used in GAQC public relations and marketing efforts on behalf of member firms to raise the awareness of firms who have demonstrated their commitment to audit quality.  This listing, which is available through the Center Web site, also enables purchasers of governmental audit services to identify CPA firms who are committed to providing quality audits;

 

·   Timely, relevant and informative updates on current issues and events through e-mails, news alerts and Webcasts;

 

·   A dedicated Web site at www.aicpa.org/GAQC that serves as a central, convenient point of access to the latest developments in governmental auditing, as well as the resources available to CPA firms in this area of practice;

 

·   Access to the GAQC online discussion forum (see discussion below) that serves as a collaborative space for sharing best practices and discussing technical issues with other member firms.

 

If you have any questions about your membership in the GAQC, please send an email to the Center at GAQC@aicpa.org and someone from the Center team will respond to you. 

Online Discussion Forum

The GAQC’s online discussion forum is available to your firm as an exclusive member benefit and a new, exciting way for CPAs to connect and collaborate with peers in the practice of governmental audits. This forum will enable you and your colleagues to share best practices and experiences on relevant and timely topics of interest to you. Center members may also find the online forum as a way to discuss technical audit, accounting and reporting issues. We encourage you to regularly visit the forum to learn what other members are “talking” about and share your views, experiences and questions. You may even want to save the forum Web site as a favorite bookmark so you can more easily visit it.  The fastest way to get there is to go to the Center Web site at www.aicpa.org/GAQC and select the “Community” tab, then select “Member Discussion Forum.”    

Following are some suggestions to help you and others make the most of your forum:

·         Before posting your question, search the forum. Your question or comment may have already been discussed, answered, or resolved.

·         Create a concise subject that adequately summarizes your topic. For example,     "Responsibilities for Detecting and Reporting on Abuse."

·         Increase the likelihood of starting a discussion by providing details in your comment or question, and by choosing a relevant category, release and platform for your topic.

·         Be patient. All the participants of this forum are using the forum and participating in discussions on their own time.

·         Help others. The forum is a community, and works best when people share information.

·         Give feedback. If someone helps you by answering your question, try to add a follow-up response letting them know whether or not it worked.

·         Welcome newcomers. Make them feel welcome in the forum community.

The material posted within the forum represents the viewpoints and opinions of its participants and not necessarily those of the AICPA.  In addition, the AICPA does not guarantee the validity or the accuracy of the information posted within this online discussion.

Coming Soon

Watch future issues of the Center update for the following:

  • Information on a GAQC marketing toolkit that will include a number of valuable tools that you can use to help promote your GAQC membership including a sample press release, a downloadable PowerPoint presentation that you can customize and include in your sales and marketing presentations and information on how you can use the Center logo.
  • Information on the membership requirements including the date of the required Center Webcast.

Technical Updates

2005 Compliance Supplement   

The U. S. Office of Management (OMB) annually updates the Compliance Supplement which, among other things, serves to identify existing compliance requirements that the federal government expects to be considered as part of a single audit.  Typically the updated Compliance Supplement is issued in the Spring of each year.  Prior to that time, OMB provides the AICPA and other stakeholder groups draft sections of the Supplement for review and comment.  Typically, the sections provided relate to federal programs contained in the Supplement that are either new or will be changed substantively.  We expect OMB to provide us with a draft of the Supplement early in 2005.  At that time, we will notify you.  If you have an interest, we will be asking for volunteers to review programs to which your firm has experience with.  Look for updated information on this review in a future Center update.

2005 AICPA Single Audit Risk Alert – Topic Ideas Needed

The AICPA issues an Audit Risk Alert titled, Single Audits, which is a complement to the AICPA Audit and Accounting Guide, Government Auditing Standards and Circular A-133 Audits.  The Alert is intended to provide auditors of organizations receiving federal awards with an overview of recent industry, regulatory, and professional developments that may affect governmental audits.   We are just beginning the development process for the 2005 Alert and are looking for topic ideas.  If there are issues related to governmental audits that you would like clarification on or believe are necessary to provide useful information to auditors, please send an email to the Center’s email box (GAQC@aicpa.org) that includes a description of the issue or topic area. We will get back to you for further information, if necessary.    

National Single Audit Statistical Sample

 

In order to provide an overall assessment of single audit quality, an interagency, interdisciplinary task force led by the U.S. Department of Education has been established. That task force has selected a statistical sample of single audits and will oversee a review of those audits. Their objective in performing these reviews is to identify how extensive any single audit quality problems may be. This project is just getting underway and the first round of letters have recently been sent by various federal agencies to firms whose audits are being selected for review in the initial stages of the project.  Watch our next Center update for further information on this project.

 

 

Technical Assistance

AICPA members also are encouraged to direct inquiries on matters involving technical accounting and auditing questions related to governmental audits and professional ethics/independence issues using the directory below:

  • Technical accounting and auditing questions: AICPA Technical A&A Hotline: 888-777-7077 (option 5, followed by option 3) or electronically.
  • Professional ethics/independence issues and questions: AICPA Ethics Hotline: 888-777-7077 (option 5, followed by option 2) or by email at: ethics@aicpa.org.  
  • For questions directly related to Government Auditing Standards, e-mail the Government Accountability Office at: yellowbook@gao.gov.
  • For questions related to the Federal Audit Clearinghouse, Form SF-SAC, and Circular A-133 submission questions: Email govs.fac@census.gov or call (800) 253-0696 or (301) 763-1551.

Don’t forget that the GAQC online forum provides you with another way to discuss technical audit, accounting and reporting issues with other Center member firms. 

 

Help Us Help You

 

We welcome additional ideas for content in the GAQC Update and any comments or suggestions for improvement you may have.  Please send them to the Center mailbox at GAQC@aicpa.org.

 

Sincerely,

 

           

 

Amanda Nelson, CPA                         Mary M. Foelster, CPA

Chair                                                   Director

GAQC Executive Committee              AICPA Governmental Auditing and Accounting