Category Archives: Audits

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Stimulation Has Its Price – The Audit and Oversight Provisions of The 2009 Stimulus Bill Are Unlike Anything Most Funding Recipients Have Ever Seen

On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Tax Act of 2009 ("the Act" or "the Stimulus Bill") (P.L. 111-5) (H.R. 1). As widely reported in the media, the Stimulus Bill includes approximately $787 Billion in government spending and tax cuts. With regard to the government spending provisions (Division A of … Continue Reading

New DCAA Guidelines Severely Restrict Auditor Authority To Exercise Judgment In Audit Of Internal Controls

On December 19, 2008 DCAA issued new guidance for audit of and reporting on internal controls that — in two short pages of sometimes cryptic text — (a) redefines the agency’s approach to the critical concepts of "significant deficiency" and "material weakness" in internal controls and (b) establishes new criteria for auditor reports of deficiencies in … Continue Reading

Glass Houses and Stones – Does Anyone in Government Ever Try to Connect the Dots?

In its 2008 report on the Government’s financial consolidated statements released on December 15, the Government Accountability Office criticized “serious financial management problems at the Department of Defense, the federal government’s inability to adequately account for and reconcile intragovernmental activity and balances between federal agencies, and the federal government’s ineffective process for preparing the consolidated … Continue Reading

BASIC TIPS RELATING TO GOVERNMENT AUDITS

1. Every audit has the potential for multiple layers of liability – contractual, civil and criminal. 2. Coordinate all audit activity – start to finish – with your Law Department. 3. Speak with one voice, literally – use a single point of contact for all audit communications with the Government. 4. Try to negotiate reasonable limits on the documentation to be made available. … Continue Reading
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