Preheat the oven to 350ºF and grease a 13x9" baking dish. * Reduce the oven temperature to 325ºF if using a dark coated pan.
In a large bowl, whisk together the flour, baking powder, cinnamon, nutmeg, and salt. Set aside.
Combine the oil, sugar, vanilla, and eggs in a medium sized bowl and whisk until well combined.
Pour the wet ingredients into the dry ingredients and fold until halfway combined. Lumps and streaks of flour should still be visible.
Next, add the grated carrots and continue folding until the carrots are evenly distributed and no streaks of flour remain. The batter will be thick, but will loosen up once the carrots start releasing liquid.
Pour the cake batter into the prepared baking dish. Bake at 350ºF for 40-45 minutes until a toothpick inserted comes out clean. Set the cake aside to cool.
While the cake is cooling, make the cream cheese icing.