Risk Assessment: Not-for-Profit Governance and Assurance
Like all businesses, not-for-profits (NFPs) live in a world of uncertainty. Identifying and managing risks is an ongoing process used by an NFP’s leadership team and its internal and external auditors for informed decision-making. Risks identified during the audit planning process will affect the audit approach and enable auditors to make recommendations. An NFP’s leadership team often conducts an internal risk assessment, taking into consideration auditor recommendations, to evaluate risks and develop a response strategy.
This CPE course offers you detail-rich examples and a case study that will help you identify, assess, and respond to significant risks within an organization.
- When you complete this course, you will be able to:
- Apply the generally accepted auditing standards when assessing risk as part of planning an audit of a not-for-profit (NFP)
- Determine audit procedures to address risks
- Identifying, assessing and responding to risks
- Assessing the adequacy of controls over financial reporting