Audit Requirement Under American Recovery and Reinvestment Act (Recovery Act)
The $787 billion American Recovery and Reinvestment Act (Recovery Act) became law in February 2009. Certain Recovery Act funds have been allocated for loans, contracts and grants. Recipients of these funds may be subject to the requirements of the federal Single Audit Act. Noncompliance with requirements of the Recovery Act could result in termination of federal funding or other negative consequences. U.S. Office of Management and Budget Memorandum calls for no filing extensions (as formerly referenced in PYA’s March 2010 A&A Update ). Understanding the provisions of this Act is essential. To view a related article from the American Institute of Certified Public Accountants’ Journal of Accountancy, click here.
Please contact the expert listed below if you have any questions about the audit requirements under the Recovery Act.