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Overview

8.0 Credits
ONLINE

It's been said that you cannot fit a square peg into a round hole. The same principle holds for audits of not-for-profit entities. You cannot apply a standard commercial audit approach to auditing a not-for-profit entity and expect a good fit. Skilled auditors will adjust and hone the audit to fit the not-for-profit entity. Equip yourself with the superior skills needed to excel in auditing not-for-profit entities. Updated for ASU No. 2016-14), the materials utilize a highly illustrative and innovative format.

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

 

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
  • The auditor’s consideration of fraud in auditing a not-for-profit entity
  • 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 single audits

Prerequisite

Basic auditing knowledge

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