In a bowl, beat egg substitute for 1 minute on medium speed. Add the applesauce, sugar and oil; mix well. Combine the dry ingredients; add to applesauce mixture and mix well. Stir in raisins and walnuts.
Pour into a 13x9-in. baking pan coated with cooking spray. Bake at 350° for 25-30 minutes or until a toothpick inserted in the center comes out clean. Cool on a wire rack.
In a bowl, beat cream cheese until fluffy. Beat in confectioners' sugar and vanilla. Frost the cake.