Audits of nonprofit organizations are challenging. More and more, even smaller
organizations are entering into transactions that require more skill to audit, in part
because many small and mid-size nonprofits lack sophisticated accounting personnel
and do not know to bring these items to the auditor’s attention. Smaller organizations frequently have
lack of segregation of duties and present challenges in the auditor’s understanding of
internal controls and assessment of risk. This course illustrates how to document the risk
assessment procedures for a very small entity with less than $500,000 in revenue.
DESIGNED FOR
Practitioners who audit nonprofit organizations, CPAs or others new to working in
nonprofit organizations or interested in how audits are conducted.
BENEFITS
Participants will be able to:
- Plan and perform audits for small- to mid-sized nonprofits as efficiently as possible
- Consider the design of internal controls and determine whether the internal controls have been implemented (including areas specifically identified by the nonprofit audit guide)
- Perform risk assessments under the new risk assessment auditing standards
- Understand audit areas that specifically apply to nonprofits
HIGHLIGHTS
- Assessing the risk of material misstatement
- Identifying significant risk and fraud risk
- Understanding and documenting the system of internal control over financial reporting
- Identifying the appropriate level of audit procedure in response to assessed risk
- Substantive tests for nonprofit specific account balances and classes of transactions
COURSE LEVEL
Intermediate
PREREQUISITES
Basic audit course or experience.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- Qualifies for Yellow Book.
Course materials are distributed electronically. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.