As federal agencies roll out specific procedures for PPP forgiveness and Provider Relief Fund (PRF) reporting to account for COVID-19 stimulus money, it is no surprise authorities are also preparing to audit compliance with the massive programs.
The CARES Act created a special oversight committee of federal inspectors general called the Pandemic Response Accountability Committee (PRAC). The committee will track and follow the money to ensure all recipients are good stewards of funds received. Its objectives include investigation and mitigation of risks that cut across program and agency boundaries.
The committee’s oversight includes:
In its first report to Congress, the committee recommended the passage of S.3751 to expedite the hiring of staff to conduct oversight activities because the volume of work exceeds the PRAC’s resources. So far, S.3571 has only five bipartisan co-sponsors, and all but one signed on to the bill in May. Swift passage is unlikely.
We do not expect these initiatives to move quickly, but we do expect steady progress. Government watchdogs will intensify their scrutiny of these massive funding campaigns as the PHE risks subside. We predict auditors will ask suppliers for increasing amounts of data to ensure no mistakes go undetected.
SOURCE LINKS
https://pandemic.oversight.gov/about
https://oig.hhs.gov/reports-and-publications/workplan/summary/wp-summary-0000472.asp
https://www.oversight.gov/sites/default/files/oig-reports/SIGPR-Initial-Report-to-Congress-August-3-2020.pdf
https://www.congress.gov/bill/116th-congress/senate-bill/3751/text
The CARES Act created a special oversight committee of federal inspectors general called the Pandemic Response Accountability Committee (PRAC). The committee will track and follow the money to ensure all recipients are good stewards of funds received. Its objectives include investigation and mitigation of risks that cut across program and agency boundaries.
The committee’s oversight includes:
- The CARES Act ($1.9 trillion plus $298 billion in tax relief/credits over 10 years).
- The Paycheck Protection Program & Health Care Enhancement Act ($483 billion).
- Families First Coronavirus Response Act ($3.4 billion).
- Coronavirus Preparedness and Response Supplemental Appropriation Act ($7.8 billion)
In its first report to Congress, the committee recommended the passage of S.3751 to expedite the hiring of staff to conduct oversight activities because the volume of work exceeds the PRAC’s resources. So far, S.3571 has only five bipartisan co-sponsors, and all but one signed on to the bill in May. Swift passage is unlikely.
We do not expect these initiatives to move quickly, but we do expect steady progress. Government watchdogs will intensify their scrutiny of these massive funding campaigns as the PHE risks subside. We predict auditors will ask suppliers for increasing amounts of data to ensure no mistakes go undetected.
SOURCE LINKS
https://pandemic.oversight.gov/about
https://oig.hhs.gov/reports-and-publications/workplan/summary/wp-summary-0000472.asp
https://www.oversight.gov/sites/default/files/oig-reports/SIGPR-Initial-Report-to-Congress-August-3-2020.pdf
https://www.congress.gov/bill/116th-congress/senate-bill/3751/text
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