For cake, place egg substitute, sugar, applesauce and pumpkin in a lg bowl; beat with a mixer on high for 2 minutes. Pour batter into prepared pan. Bake at 350 for 35 minutes or until a toothpick comes clean. Cool cake completely on a wire rack.
To prepare frosting, place the cream cheese and vanilla in a large bowl; beat at a medium speed until smooth. Gradurally add powdered sugar, beating just until blended. (Do not overbeat). Spread over cake.