Nonprofit Accounting Basics

Great New Resource for Federal Grantees

As part of its ongoing commitment to educated organizations that receive federal awards, the Governmental Audit Quality Center (GAQC), part of the American Institute of Certified Public Accountants (AICPA), is pleased to announce the launch of the Auditee Resource Center. We would encourage any organization that is receiving, or considering applying for, federal funding to check out this website.

The GAQC recognizes that procurers of audit services (i.e., auditees) play a key role in the audit process and are an important factor in the audit quality equation. Well-informed auditees with strong governance structures increase the likelihood of high-quality audits and more efficient audits. Why? Auditees with 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.

What is Included in the Auditee Resource Center?

The Auditee Resource Center includes information, practice aids, tools, and other resources, and everything is open to the public. Some of the information and resources provided for auditor members is also relevant to auditees. The Auditee Resource Center accumulates all of this information in one location on the GAQC website. Additionally, several new auditee resources have been developed and more will be added on a go-forward basis. The following describes at a high-level what is included in the Auditee Resource Center:

Auditee Resource Center Home Page. This landing pagesummarizes the various topical areas covered in the Auditee Resource Center, as well as web links to each area.

Why Audit Quality is Important for Auditees? This section of the Auditee Resource Center covers why auditees should be concerned about audit quality. It also covers factors affecting audit quality and provides auditees with steps they can take to contribute to receiving a quality audit.

Auditee Tools, Practice Aids, and Other Resources. This is the most robust section of the Auditee Resource Center.It includes links to a number of resources available to auditees that relate to single audits, Yellow Book audits, other compliance audits of for-profit entities, and financial statement audits of governments and NPOs. Resources include practice aids, archived GAQC Web events, GAQC Alerts, articles, and more.

AICPA Audit and Accounting Guides and Other Publications. The AICPA publishes audit and accounting guides for a variety of industries, including NPOs, state and local governments, and recipients of federal awards. Much of the guidance in these guides is relevant to auditors, as well as auditees. There are also other publications that may be of interest to auditees, such as toolkits for audit committees of governments and NPOs. Links to how auditees can obtain these publications are found in this section.

AICPA Governmental and Not-for-Profit Conferences. The AICPA hosts a number of annual conferences targeted at both auditees and auditors of NPOs and governmental organizations. Find out about these conferences in this section.

Helpful Web Links. This section includes a compilation of websites useful to auditors and their auditees.