It'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 simply 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 to fit the not-for-profit entity. This course is designed to help you do just that and equip you with the superior skills needed to excel in auditing not-for-profit entities. The course materials utilize a highly illustrative and innovative format. Over 25 focused exercises are included to provide an enhanced working knowledge of auditing not-for-profit entities.
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
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
