Audit Risk Assessment in Plain English, is a 2 hour webcast highlighting the AICPA’s clarified risk assessment standards, along with a new Statement on Auditing Standard (SAS 145) related to understanding the entity, the entity’s environment, the entity’s internal controls, and assessing the risks of material misstatement. This session will attempt to simplify the requirements using common sense examples and language.
DESIGNED FOR
All accounting/auditing professionals
BENEFITS
- Recognize the impact of recently issued accounting standards on not-for-profit organizations
- Identify key elements and objectives of the International Non-Profit Accounting Standard (INPAS)
- Recall the impact of recent AICPA standards and proposals on audit and attestation engagements affecting not-for-profits
- Identify key quality management requirements related to monitoring and remediation
- Recognize changes affecting Single Audits resulting from the 2024 Uniform Guidance and related guidance
- Recall key regulatory and implementation updates relevant to Single Audits for not-for-profit organizations
HIGHLIGHTS
- Accounting Standards Updates (ASUs) affecting not-for-profit organizations
- Introduction to and comparison of the International Non-Profit Accounting Standard (INPAS)
- U.S. GAAP considerations for NFP financial reporting
- AICPA auditing and attestation updates
- Quality management: monitoring and remediation responsibilities
- Updates to SSAEs, SSARSs, and group audits
PREREQUISITES
Prior experience with nonprofit accounting and auditing
ADVANCE PREPARATION
None