Auditing Not-for-Profit Entities: Superior Skills for an Effective and Efficient Audit (ANFP)

Overview

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 cannot simply 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 the audit approach to fit the not-for-profit entity. This course is designed to help you do just. It will 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.

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

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