Risk Assessment and Internal Controls: Not-for-Profit Governance and Assurance
Provides an overview of risk assessment and internal controls for NFPs needing a risk management system designed for their size and complexity.
NASBA Field of Study
Business Management and Organization
When organizations don’t focus on risk management as a priority, risks can quickly escalate into crises. At that point, it is too late to plan ahead and the organization often has a complex situation on hand which is difficult to handle optimally. To avoid this, it is vital for all not-for-profit entities (NFPs) to have a risk management system designed for their size and complexity. This CPE course provides an overview of risk assessment and internal controls for NFPs.
Note: As of August 1, 2018, the content of this course has been significantly 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).
- CPAs, financial professionals, and NFP board members involved with risk assessment and internal controls.
- Managing risk
- Risks unique to NFPs
- Enterprise Risk Management (ERM)
- COSO ERM framework
- Employing ERM in smaller NFPs
- Internal controls
- COSO Internal Control Framework
- How to design a system of internal control
- Conflicts of interest
- Identify the risks faced by NFPs, including those related to reputational risk and compliance risk.
- Recall the concepts of internal controls as they relate to NFPs.
- Recognize the concepts of Enterprise Risk Management.
- Indicate how the COSO framework should be applied to NFPs.
Group ordering for your team
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