Auditing Consideratons

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1.5 Credits

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 a number of accounting and reporting areas unique to NFPs. It also discusses some possible audit procedures for consideration based on those assertions.


  • Recognize the accounting and reporting areas unique to not-for-profit entities (NFPs);
  • 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.

Major Topics

  • Basic audit overview
  • Special considerations for auditing NFPs
  • Contributions
  • Exchange and agency transactions
  • Split-interest agreements
  • Endowments
  • Uniform Prudent Management of Institutional Funds Act (UPMIFA)
  • Functional expenses
  • Joint costs
  • Financial statement presentation
  • Usage of tax-exempt debt proceeds

Designed For

CPAs, financial professionals and NFP board members involved in or reviewing audits for NFPs.
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