ItÂ’s been said that you cannot fit a square peg into a round hole. The same principle holds true for audits of not-for-profit entities. You cannot apply a standard commercial audit approach to the audit of a not-for-profit entity and expect a good fit. Skilled auditors will instead adjust and hone the audit approach to fit the not-for-profit entity. This course is designed to help you obtain the superior skills needed to audit not-for-profit entities. The course materials utilize a highly illustrative format to increase concept comprehension and retention.

Major Topics:

  • Refining key planning and general auditing considerations to the not-for-profit environment
  • Characteristics of not-for-profit financial statements that require special attention
  • Aspects of the AICPA Clarified Auditing Standards that had significant effects on audits of not-for-profit entities
  • Fraud in the not-for-profit environment
  • Audit procedures to become comfortable with management’s recording and reporting of contributions and promises to give
  • Auditing how a not-for-profit entity gets from natural expenses to functional expenses
  • Auditing considerations and techniques related to net assets, compliance with tax laws and regulations, collections and split-interest agreements
  • Considerations related to Yellow Book and OMB A-133 audits

Learning Objectives:

  • Identify what distinguishes not-for-profit auditing from commercial sector auditing
  • Skillfully adjust the audit for the characteristics of a not-for-profit entity
  • More effectively audit not-for-profit entities through superior knowledge of key issues

Designed For: Auditors of not-for-profit entities
Level of Knowledge: Intermediate
Prerequisite: Basic auditing knowledge
Advanced Preparation: None
Credits: 8
Field of Study: Auditing (Governmental)(8)
CFP Credit: No

Live Seminar Course Schedule