This course provides a basic introduction to issues involved in auditing the financial statements of nongovernmental not-for-profit entities, with a focus on general-purpose US GAAP financial statements audited in accordance with generally accepted auditing standards (GAAS). Upon completing this course, you’ll be able to:
• Distinguish not-for-profit entities from business entities for financial reporting purposes
• Cite risks of material misstatement of not-for-profit-entity financial statements
• Identify various financial-statement assertions that present risks of material misstatement of not-for-profit-entity financial statements
• Describe tests that an auditor can take in response to assertion-level risks of material misstatement
• List other matters unique to audits in the not-for-profit entities industry
A basic understanding of generally accepted accounting principles for not-for-profit entities and audits of financial statements.