Governmental audit quality center is open for business: new AICPA center delivers tools and resources for CPA firms through a centralized Web site, www.aicpa.org/qagc.

The latest step in the Institute's commitment to protecting the public interest is the Governmental Audit Quality Center (GAQC). It is designed to help CPA firms achieve the highest professional standards in performing quality governmental audits. Further, by joining the center, firms demonstrate their commitment to quality in the performance of these audits.

Governmental audits include a wide variety of engagements, including audits of federal, state and local governments; not-for-profit organizations such as colleges and universities, hospitals and charitable organizations; and certain for-profit entities such as housing projects that participate in government programs or receive government financial assistance.

Single Point of Access

In keeping with its mission to serve as a comprehensive resource for member firms, the GAQC Web site offers relevant technical and practice management information through a convenient online source. CPAs will find the following areas on the site:

Resources. The center provides information resources, research tools and practice aids in specific areas relating to governmental audits. In addition, the, latest breaking news affecting governmental audits is spotlighted and new requirements, announcements and revisions are covered.

Community. A discussion forum offers center members the opportunity to join a community of peers committed to the furtherance of high-quality governmental auditing. CPAs can network, exchange information, share best practices and discuss issues with other member firms.

Events. Members can learn about various upcoming events, conferences and meetings in the governmental audit area.

Products. Member firms that perform governmental audits are required to follow a number of complex standards and regulations. The AICPA offers various publications and CPE courses to provide the guidance and educational information.

WHAT IT IS

The GAQC brings together CPA firms committed to performing quality governmental audits by providing them with a community of like-minded firms and offering them a comprehensive, centralized resource point to ensure they have the support and information needed to perform quality audits.

WHAT IT OFFERS

The firm-based, voluntary membership center is designed to help CPAs meet the challenges of performing quality audits. The objectives of the GAQC are to

* Raise awareness of the importance of governmental audits.

* Serve as a comprehensive resource provider for member firms.

* Create a community of firms committed to audit quality.

* Support an online forum for sharing best practices.

* List member firms to enable purchasers of governmental audit services to identify audit providers that are committed to quality.

* Furnish information about the center's activities to other governmental audit stakeholders.

* Report the latest developments in related standards and regulations.

* Provide updates on issues through news alerts and Webcasts.

WHO CAN JOIN

Membership is open to CPA firms that agree to meet certain eligibility requirements. For more information or to join, go to the center's Web site at www.aicpa.org/gaqc.

The GAQC is the third audit quality center to launch this year that focuses on audits of critical importance to the public interest. Earlier the AICPA launched the Center for Public Company Audit Firms (www.aicpa.org/cpcaf) and the Employee Benefit Plan Audit Quality Center (www.aicpa.org/ebpaqc) as part of its broader initiative to help CPA firms demonstrate their commitment to audit quality and to deliver resources to members to further improve audit performance.