Auditing not-for-profits isn’t the same as auditing for-profits, so why treat them alike? This course gives you the tools to recognize what makes not-for-profits unique and shows you how to incorporate those differences into your audit approach. With practical insights and 20 focused exercises, you’ll learn how to plan and perform not-for-profit audits more effectively, efficiently, and with greater confidence.
Learning Objectives
- Identify the ways not-for-profit auditing differs from commercial sector auditing
- Skillfully adjust audits to suit the characteristics of not-for-profit entities
- More efficiently audit not-for-profits using enhanced knowledge of key issues
Major Topics
- How distinctive funding sources, different operating purposes, and lack of ownership interests affect risk assessment and planning in the audit of a not-for-profit
- Key considerations and auditing procedures applied in auditing contributions, functional expenses, net assets, etc.
- Frequent issues arising in audits of not-for-profits (e.g., independence concerns, communicating with those charged with governance, Yellow Book audits, single audits, etc.)
