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Tailoring the Audit to Suit a Not-for-Profit Entity (ANF4)

  • Format Self-Study Download
  • Credits 4
  • Level Intermediate
  • Field of Study Auditing (Governmental) (4)

$65.00


Overview

Not-for-profit entities typically possess the following traits which distinguish them from a business entity: (1) contributions of significant amounts of resources from resource providers who do not expect commensurate or proportionate pecuniary return; (2) operating purposes other than to provide goods or services at a profit; and (3) the absence of ownership interests like those of business entities. This course will assist you in proficiently addressing these traits in your audits of not-for-profit entities. The course materials utilize a highly illustrative and innovative format. Over a dozen focused exercises are included to provide an enhanced working knowledge of auditing not-for-profit entities.

Major Topics:

  • Key aspects of how the auditor refines the audit approach to fit the 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
  • Audit procedures related to net assets, compliance with tax laws and regulations, collections and split-interest agreements

Learning Objectives

  • Perceive the key issues involved in auditing contributions and promises to give and audit procedures to address them
  • Understand important aspects of auditing expenses for program services and supporting activities
  • Identify how net assets and other unique characteristics of not-for-profit financial statements require special attention from the auditor

Who should take this course:

Auditors of not-for-profit entities

Basic auditing knowledge

None

No

No

Yes

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