Auditing Considerations: Not-for-Profit Governance and Assurance

Description

Not-for-profits (NFPs) have unique accounting and reporting requirements that should be considered when planning and performing audits of NFPs.

This CPE course reviews the assertions to be used in developing audit objectives and designing tests of controls and substantive tests for a number of accounting and reporting areas unique to NFPs. It also discusses some possible audit procedures for consideration based on those assertions.

Learning Objectives
  1. When you complete this course, you will be able to:
  2. Recognize the accounting and reporting areas unique to not-for-profit entities (NFPs)
  3. Identify the audit assertions used to develop audit objectives and design substantive tests in an audit of an NFP
  4. Recall possible audit procedures to be performed for NFP specific transactions.
Major Topics
  1. Basic audit overview
  2. Contributions
  3. Special considerations for auditing NFPs
  4. Exchange and agency transactions
  5. Split-interest agreements
  6. Endowments
  7. Uniform Prudent Management of Institutional Funds Act (UPMIFA)
  8. Functional expenses
  9. Financial statement presentation
  10. Usage of tax-exempt debt proceeds
Provider
AICPA
Course Level
Basic
Professional Area of Focus
Accounting & Auditing
CPE Field of Study
Auditing
1.5
Who Should Attend
CPAs, financial professionals and NFP board members involved in or reviewing audits for NFPs.
Instructor(s)
Karen Craig
Prerequisites
None
Register Now
When
Available 24/7
Location
Online
Total CPE Credits
1.5
Format
On-Demand
Instructor
Karen Craig

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Auditing Considerations: Not-for-Profit Governance and Assurance


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