This CPE course provides guidance for planning a not-for-profit (NFP) audit engagement. 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.
▪ Recognize the unique characteristics of NFPs and considerations for audit planning;
▪ Recall 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.
▪ 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
CPAs who perform not-for-profit (NFP) audit engagements as well as staff and board members at small- and medium-sized NFPs.