Emergency Economic Stabilization Act & TARP

"We stand on the precipice of the largest infusion of Government funds over the shortest period of time in our Nation's history. History teaches us that an outlay of so much money in such a short period of time will inevitably draw those seeking to profit criminally." This statement by Neil Barofsky, Special Inspector General for the Troubled Asset Relief Program ("SIGTARP"), before the Subcommittee on Oversight and Investigations of the U.S. House Committee on Financial Services frames the mission of the office of SIGTARP to advance the goal of financial stability through transparency, coordinated oversight, and robust enforcement. The office has already issued a letter to each recipient of Troubled Asset Relief Program ("TARP") funds, asking for information as to how they have used or plan to use TARP funds. Additionally, it requests details for compliance with applicable executive compensation restrictions. Numerous other requirements accompany these programs, and no doubt additional ones will follow as the programs and the responsibilities of SIGTARP continue to evolve.

To view additional EESA & TARP Resources, please click here.

BDO Consulting's Emergency Economic Stabilization Act & TARP practice assists companies and state and local governments by providing compliance, monitoring and investigation services related to funds received through the Emergency Economic Stabilization Act ("EESA"). Specifically, we assist recipients of funds in meeting the current and ongoing requirements imposed by the Act. We are experienced in assisting clients in implementing proper controls and procedures to comply with government regulations and the anticipated requirements of SIGTARP. BDO Consulting also provides preaudit services to alert clients to risks and disclosure issues.

Our EESA & TARP Services

BDO Consulting's Emergency Economic Stabilization Act & TARP professionals assist institutions, as well as state and local governments, in the oversight and review of the funds received pursuant to the EESA to ensure that allocated funds are appropriately utilized, tracked and monitored as required by government regulations. In addition, should the need arise, BDO Consulting can assist entities receiving these funds in preparing for and responding to government inquiry, audit, or investigation.

The services provided by our professionals include:

Assessment of current regulatory compliance and governance programs
Identification of processes and controls pursuant to the requirements of the EESA and TARP
Assistance in the design of new processes and controls
Design and implementation of an appropriate reporting mechanism
Establishment of monitoring protocols
Assistance in the timely response to inquiries from SIGTARP and other government oversight bodies

BDO Consulting's professionals are experienced in governance, regulatory compliance, internal controls development and testing, audit and data analytics and preservation. We leverage these diverse skills to assist clients to organize their activities to meet regulatory expectations, promote accurate and efficient reporting and prepare for testing, monitoring or investigations.

Compensation and Benefits

The Compensation and Benefits Practice of BDO Seidman, LLP, assists its clients in understanding and dealing with the impact of EESA, TARP and ARRA on their executive compensation programs. The services that we provide include:

Consideration of modifications to executive pay programs to comply with new compensation deduction limitations for both income tax and golden parachute payment purposes
Design of appropriate performance- based programs that would not be viewed as causing the organization to take unnecessary risks in order to meet the executives’, shareholders’ and organizations’ short- and long-term goals
Advice to boards of directors on the appropriateness of compensation programs so that certification can be made
Assistance in preparation of regulatory and SEC filings relating to executive compensation

BDO Valuation

BDO Valuation, LLC, a wholly owned Affiliate of BDO Seidman, LLP, provides a full range of valuation services including:

Financial and intangible valuation services
Real estate valuation and consulting
Fixed asset valuation and lease analysis

BDO Valuation, LLC’s experienced professionals work with BDO Consulting to provide stimulus oversight services and can provide independent opinions of value on a vast range of assets, including: