Assurance

Not-for-Profit Assurance Resources

Quick Reads

Quick reads are blogs or short-form articles that deliver actionable information in a "quick read." They are unlocked and available to the public.

ASB Enhances Communication in Auditors’ Reports
On May 8, 2019, the AICPA Auditing Standards Board issued standards that are designed to improve auditors’ ability to communicate in auditors’ reports and align generally accepted auditing standards with those of other standard-setting bodies.

Not-for-Profit Auditors: Are You Appropriately Skeptical?
Professional skepticism is an attitude that involves a questioning mind and a critical assessment of audit evidence. It is required for all audits performed under generally accepted auditing standards. This article discusses the threats to professional skepticism and what auditors can do to ensure a healthy level of it is maintained in their engagements.

Functional Expenses: A Revised Focus for Not-for-Profit Auditors and Preparers
For auditors and preparers, functional expense analysis under FASB ASU 2016-14 will necessitate at least some rethinking of the approach to the allocation and reporting of functional expenses.

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Highlighted Resources

Auditor Communications

Auditors are required to communicate certain matters to those charged with governance of the NFP. In cases where a communication is required, an auditor should refer to the AICPA Professional Standards and the related application and explanatory material included within the authoritative standards. The following documents are resources to assist with communicating essential information to your NFP audit clients.

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Audit Reports

Auditing Interpretation on Dual Reporting
The AICPA Auditing Standards Board (ASB) issued an interpretation March 2, 2018 to help auditors comply with reporting requirements under both AU-C section 700 and PCAOB Auditing Standard No. 3101. Read this Journal of Accountancy article for a brief summary of Auditing Interpretation No. 4, Reporting on Audits Conducted in Accordance With Auditing Standards Generally Accepted in the United States of America and the Standards of the PCAOB.

The following documents are resources to assist with audit reports.

Opinion Letter Templates

 

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Account Workpapers

NFPs have unique reporting requirements under GAAP. The following account workpapers are provided as examples of accounts that require special consideration.

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Risk Management for NFPs

The following resources were developed to assist auditors of NFPs with client education regarding risk management, design and implementation of internal controls.

Segregation of Duties Reference Charts for Small Not-for-Profits:

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Recommended CPE

Do you or your firm provide assurance services for not-for-profit clients? Get the targeted learning you need to perform highly effective audit engagements. The AICPA offers CPE-eligible courses developed by leading experts in coordination with the NFP Section's  technical staff. Section members receive an exclusive 20% discount on continuing education and other not-for-profit products offered by AICPA. Learn more about the exclusive discounts available for our member community.

The Section does not provide Yellow Book or Single Audit information or resources. The AICPA Government Audit Quality Center provides resources for those audit engagements.

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The AICPA's Accounting and Auditing Technical Hotline provides members with free, high-quality technical assistance by phone concerning issues related to accounting and financial reporting, auditing and attestation, compilation, and review standards.

The Section does not provide Yellow Book or Single Audit information or resources. The AICPA 
Government Audit Quality Center provides resources for those audit engagements.

See all Not-for-Profit recommended CPE