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Planning the Audit Engagement: Not-for-Profit Governance and Assurance Logo aicpa

  Karen Craig |   Free |   AICPA |   Apr 2015 |   Auditing |   AICPA Store
Who Will Benefit?
  • CPAs who perform not-for-profit (NFP) audit engagements as well as staff and board members at small- and medium-sized NFPs.
Topics Discussed
  • NFP audit overview
  • Understanding the entity and its environment
  • Unique reporting requirements for NFPs
  • Audit planning
  • Internal controls
  • Risk assessment
  • Considerations of fraud
  • Auditor documentation
Learning Objectives
  • Recognize the unique characteristics of NFPs and considerations for audit planning.
  • Determine the key steps to planning an audit engagement.
  • Identify basic audit documentation that is needed for audit planning and preparation.
  • Recall the auditor’s responsibility for fraud.

This CPE course is included in the comprehensive Not-for-Profit Certificate I Program. It can also be purchased individually or as a part of the Not-for-Profit Governance and Assurance track.

The key to an effective audit is adequate planning and preparation, as well as two-way communication between an NFP’s independent auditors and management. Audit planning involves: performing preliminary engagement activities; establishing an overall audit strategy and communicating with those charged with governance an overview of the planned scope and timing of the audit; developing a detailed, written audit plan; determining direction and supervision of engagement team members and review of their work; and determining the extent of involvement of professionals with specialized skills. This CPE course provides guidance for planning a not-for-profit (NFP) audit engagement.

Note: As of July 31, 2018, course content has been updated to reflect implementation of FASB Accounting Standards Updates (ASUs) effective for most not-for-profit entities for their next financial reporting period, including those related to financial statement presentation (ASU 2016-14) and revenue recognition (ASU 2014-09 and ASU 2018-08).

Topics covered:
  • Assurance: Technical: Audit, Foundational
  • Not-for-profit: Technical: Governance, Foundational
  • Not-for-profit: Technical: Audit, Foundational