Supporting the Nation's War Against COVID-19 through Accountability, Transparency and Oversight

Government financial managers and auditors play important roles in balancing accelerated financial assistance with sound governance.

Andrew Lewis

Andrew Lewis

Partner, Federal Audit, KPMG US

+1 202-533-4886

Nikki Reid

Nikki Reid

Partner, Federal Advisory, KPMG US

+1 703-286-8127

The Coronavirus, Aid, Relief, and Economic Security (CARES) Act is the largest federal stimulus package ever and approximately three times the size of the 2009 landmark American Recovery and Reinvestment Act (ARRA) which provided more than $800 billion in stimulus funds to revitalize the American economy.

ARRA’s impact on transparency and accountability for federal spending is undeniable. Lessons learned and leading practices of ARRA should be used by agencies to successfully manage CARES Act funds. This paper summarizes the following lessons learned for government financial managers and auditors to consider:

  • Be able to report on outcomes
  • Recognize management challenges from accelerated roll out
  • Remember the recipient
  • Prepare for impacts to financial reporting
  • Emphasize strong risk management