Auditing Considerations: Not-for-Profit Governance and Assurance

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Availability

On-Demand

Cost

Member: $69.00

Non-Member: $85.00

Retired: $69.00

Educator & Government & Non-Profit Member: $69.00

Credit Offered

2 CPE Credits

Field of Study:

2 Auditing

An audit is an examination of a charitable nonprofit's financial records, accounts, business transactions, accounting practices, and system of internal control by an independent auditor. An audit performed in accordance with Generally Accepted Auditing Standards (GAAS) enables the auditor to form an opinion on the financial statements of the not-for-profit (NFP) under examination, which enhances the degree of confidence that intended users can place in the financial statements. The financial statements of an NFP include the statement of financial position, statement of activities, statement of cash flows, and accompanying notes.

Learning Outcomes

Identify general considerations related to an audit of an NFP
Recall NFP financial statements subject to audit.
Identify unique auditing considerations related to cash and cash equivalents and endowment funds.
Recognize special auditing considerations related to NFP revenues and related receivables.
Recognize special auditing considerations related to split-interest agreements.
Identify auditing considerations regarding tax-exempt debt.
Identify auditing considerations with regard to net assets.
Recognize special auditing considerations related to the statement of activities.
Recall audit issues related to compliance with laws and regulations.

Key Topics

Audit considerations
Financial statements
Audit issues
Compliance

Who Will Benefit

CPAs, board members, and accounting professionals new to NFPs or in need of a refresher.