United States

New Auditee Resource Center


Fall 2012

At McGladrey LLP, we are committed to achieving the highest quality audits. As you may already know, McGladrey has been an active member of the AICPA's Governmental Audit Quality Center (GAQC) since its inception, which provides us with access to key information and comprehensive resources that we use to help ensure our compliance with appropriate professional standards and laws and regulations that affect our audits. We also adhere to GAQC membership requirements designed to enhance the quality of our audit practice. We are pleased to inform you that the GAQC has recently launched a new Auditee Resource Center which is intended to assist procurers of audit services (i.e., auditees). We hope that as an auditee, your organization will take advantage of this great resource.

Why a new Auditee Resource Center?

The GAQC has long been providing auditors with information, practice aids, tools and other resources to help improve audit quality. However, the GAQC has also found that auditees are an important factor in the audit-quality equation. Well-informed auditees with strong governance structures increase the likelihood of high quality audits. Further, such auditees have a stronger understanding about the audit requirements that apply to them, are better prepared for their audits, and more clearly understand their role in the audit process. For all of these reasons, the GAQC is adding this new Auditee Resource Center to its arsenal of audit quality initiatives.

What is included in the Auditee Resource Center?

The Auditee Resource Center includes information, practice aids, tools and other resources (e.g., articles, archived GAQC Web events, and access to certain GAQC Alerts) that should be of most interest and benefit to auditees. Topics covered include information that will be relevant to auditees that undergo: (1) government or not-for-profit organization (NPO) financial statement audits; (2) audits performed under Government Auditing Standards (referred to as "Yellow Book" audits); (3) audits of federal expenditures made by governments and NPOs (referred to as single audits); and (4) other federally required compliance audits of certain for-profit entities such as banks and housing partnerships.

How to access the Auditee Resource Center?

All resources available through the Auditee Resource Center are open to the public. Click on the link to the landing page of the Auditee Resource Page and bookmark the page as one of your favorites. If you do not have the specific Web address handy, you can always access the Auditee Resource Center through the GAQC Web site. Look for the link to the Auditee Resource Center under the Quick Links tab on the left side of the GAQC home page. We would be more than happy to help you further understand the resources the GAQC has developed for auditees. Please feel free to contact McGladrey LLP with any questions that you may have. You can also contact the GAQC staff directly at gaqc@aicpa.org.

In This Issue

Title 31: Risk assessment - Part II

How a construction audit reduces risks for gaming
construction projects

Technology trends for 2012

New auditee resource center