Auditing Considerations: Not-for-Profit Governance and Assurance
Covers the assertions to be used in developing audit objectives and designing tests of controls and substantive tests for several accounting and reporting areas unique to not-for-profits.
NASBA Field of Study
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 several accounting and reporting areas unique to NFPs. It also discusses some possible audit procedures for consideration based on those assertions.
Note: As of August 1, 2018, course content has been updated to reflect implementation of FASB Accounting Standards Updates (ASUs) effective for most not-for-profit entities for their next financial reporting period, including those related to financial statement presentation (ASU 2016-14) and revenue recognition (ASU 2014-09 and ASU 2018-08).
- Basic audit overview
- Special considerations for auditing NFPs
- Exchange and agency transactions
- Split-interest agreements
- Uniform Prudent Management of Institutional Funds Act (UPMIFA)
- Functional expenses
- Joint costs
- Financial statement presentation
- Usage of tax-exempt debt proceeds
- Recognize the accounting and reporting areas unique to not-for-profit entities./li>
- Identify the audit assertions used to develop audit objectives and design substantive tests in an audit of an NFP.
- Recall possible audit procedures to be performed for NFP specific transactions.
Group ordering for your team
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