SOURCE: UHY LLP

UHY LLP

April 20, 2009 11:07 ET

State and Local Governments Receiving Federal Stimulus Funds Now Have a Compliance Resource in UHY LLP

NEW YORK, NY--(Marketwire - April 20, 2009) - The national CPA firm of UHY LLP announced the launch of federal stimulus compliance services to help state and local governments with meeting the increasingly complex needs for enhanced financial reporting on their stimulus-related projects.

"The $787 billion federal stimulus legislation the President signed didn't do much to spell out how the various state and local governments should comply with the calls for greater transparency," said Michael J. Mahoney, UHY LLP's Metro New York managing partner. "But with all the attention on recent spending by previous recipients of federal bailout money, you can be sure that any state agency, public authority, city or county receiving such funds will be under heightened scrutiny."

Mahoney explained that although many of the requirements are yet to be defined, federal inspectors will have significant power to investigate potential fraud and abuse to ensure adherence to financial transparency and integrity-monitoring. To offer assistance, UHY LLP posts a stimulus web page on its firm web site with links to additional resources to help government officials better understand the "strings" that will likely be attached to the funding.

"Because UHY LLP has specialized in governmental audits for many years, one area that we're ready to help with is the expected quarterly financial reporting and any special procedures designed to enhance financial transparency," Mahoney added.

UHY LLP last week announced that -- with assistance from law firm Whiteman Osterman & Hanna LLP and integrity risk management firm, Thacher Associates, LLC -- a new web site was launched www.nysrecovery.com to provide updated information and links about various stimulus requirements in New York State.

For more information about UHY LLP's federal stimulus services, see: www.uhyllp-us.com/stimulus.

About UHY LLP

UHY Advisors, Inc. and its subsidiary entities have more than 1,200 professionals providing services from offices across the United States. UHY Advisors, Inc. is ranked as the 15th largest professional services firm providing tax and business consulting in the country by Accounting Today. Attest services are performed through an alternative practice structure with UHY LLP, a licensed CPA firm.

UHY Advisors, Inc. and UHY LLP are independent U.S. members of UHY International Limited, an international association of independent member firms providing accounting, tax and other professional services. For additional information, please visit www.uhy-us.com.

UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP is a licensed independent CPA firm that performs attest services.

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