This archived Governmental Audit Quality Center (GAQC) Web event is intended to provide members and guests performing not-for-profit entity (NFP) financial statements audits with the latest information they need. NFPs face a variety of economic and operational challenges. In navigating this environment, NFPs often turn to non-traditional fundraising models, business opportunities and program lines. While considering options, NFPs seek assistance and guidance from CPAs in understanding the accounting and regulatory implications of these activities which could have a significant impact on the entity and its financial statement audit. Additionally, NFPs and their auditors need to be aware of new accounting and auditing standards that are effective for this year’s financial statement audit.
About the Web Event
This GAQC Web event will be presented by three audit practitioners who have been extensively involved with the activities of the AICPA Not-for-Profit Industry Expert Panel. They will describe the various developments and issues that may affect your NFP audit practice. Specifically, the presenters will provide the following:
- The continuing effect of the current economy on NFPs;
- Challenges relating to new auditing standards;
- Challenges relating to application of accounting standards in the NFP environment;
- Recent Financial Accounting Standards Board (FASB) standard setting activity, including proposed ASUs for donated securities and personnel services provided to an affiliate; and
- Listen to answers provided to participant questions.
About the Presenters
Frank Jakosz, CPA, is Director of Not-for-Profit & Social Enterprise Services at Frost, Ruttenberg & Rothblatt, P.C. (FR&R) with more than 40 years of experience working in this industry. Prior to joining FR&R in 2012, Frank served as the NFP Audit Practice Leader for two global accounting firms. Frank conducts audits of a variety of NFP organizations, including membership organizations, colleges, universities, social service organizations, religious organizations, trade associations, and foundations. He has also chaired or served on many AICPA Committees and Task Forces including the Not-for-Profit Expert Panel and its related Audit and Accounting Guide Task Force. In addition Frank is a member of the FASB Not-for-Profit Resource Group.
Stuart J. Miller, CPA, is a partner at Crowe Horwath LLP has more than 27 years of audit and business advisory experience in the public sector arena, specializing in private foundations, higher education, religious organizations, membership organizations, social service agencies and other NFPs. Stuart has significant experience in financial reporting, budgeting, governmental regulations, organizational reviews and business process redesign. He is also a member of the AICPA Not-for-Profit Expert Panel and many other organizations including the Illinois CPA Society, the National Association of College and University Business Officers, and the Association Forum of Chicago.
Andrea Wright, CPA, is a Principal at Johnson Lambert LLP where she leads the firm’s Chicago non-profit practice. Andrea has provided various types of auditing and consulting services to her clients in her 13 year career including operational efficiency reviews, federal grant compliance and reporting, evaluation of internal controls, drafting accounting policies and procedures, various agreed upon procedures, accounting services and best practices. Prior to joining Johnson Lambert, Andrea worked for Ernst & Young. She is a member of the AICPA Not-for-Profit Expert Panel and its related Audit Guide Task Force, the Illinois CPA Society Not-for-Profit Committee, and an AICPA Leadership Academy Alumni.
Chris Cole, CPA, CFE, CFF, joined the AICPA in Durham, NC in September 2006 as a Technical Manager in the Accounting and Audit Publications group. Chris is the staff liaison to the AICPA Not-for-Profit Expert Panel and is responsible for various AICPA NFP publications including the Accounting and Audit Guide, Audit Risk Alert, Financial Statement Preparation Checklist and other Technical Practice Aids. Chris is also a participating observer for the FASB Not-for-Profit Advisory Committee.
Archived Web Event Listening Instructions
You should print out and have available, Not-for-Profit Entities: 2012/2013 Audit and Accounting Considerations – Member Web Event Slides (PDF or PowerPoint).
The presenters addressed many of the questions within the time allotted for the event. We encourage you to visit the forum to post additional follow-up questions at GAQC Member Discussion Forum.
Thank you for your interest in this GAQC Event.
Click on the below link, to listen to the archived Web event: