Planning the Audit Engagement: Not-for-Profit Governance and Assurance
Provides guidance for planning a successful not-for-profit audit engagement.
Format
Online
NASBA Field of Study
Auditing
Level
Basic
CPE Credits
1.5
Author(s)
Karen Craig
Availability
1 year
Product Number
165154
This CPE course is included in the comprehensive Not-for-Profit Certificate I Program. It can also be purchased individually or as a part of the Not-for-Profit Governance and Assurance track.
The key to an effective audit is adequate planning and preparation, as well as two-way communication between an NFP’s independent auditors and management. Audit planning involves: performing preliminary engagement activities; establishing an overall audit strategy and communicating with those charged with governance an overview of the planned scope and timing of the audit; developing a detailed, written audit plan; determining direction and supervision of engagement team members and review of their work; and determining the extent of involvement of professionals with specialized skills. This CPE course provides guidance for planning a not-for-profit (NFP) audit engagement.
Note: As of July 31, 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).
- NFP audit overview
- Understanding the entity and its environment
- Unique reporting requirements for NFPs
- Audit planning
- Internal controls
- Risk assessment
- Considerations of fraud
- Auditor documentation
- Recognize the unique characteristics of NFPs and considerations for audit planning.
- Determine the key steps to planning an audit engagement.
- Identify basic audit documentation that is needed for audit planning and preparation.
- Recall the auditor’s responsibility for fraud.
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