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.
Learning Objectives
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.
Key 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
Who will it benefit?
CPAs, financial professionals and NFP board members involved in or reviewing audits for NFPs.
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