Auditing Considerations: Not-for-Profit Governance and Assurance

Overview

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.

Highlights

Key Topics

• Audit considerations
• Financial statements
• Audit issues
• Compliance

Prerequisites

None

Designed For

Who Will Benefit

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

Objectives

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.