Unique Areas for Auditing of Not-for-Profit Organizations
Author: Diane Edelstein
| CPE Credit: |
2 hours for CPAs |
The auditing of a Not-for-Profit Organization (NPO) is similar in many ways to the audit of any organizations. However, certain key differences do exist. We will start by looking at the big picture differences and then we will cover NPO specific financial statements, conditional vs. restricted contributions, recording of donated goods and services and agency transactions. We will look at other areas that are unique to NPOs and related specific footnote disclosures. We will discuss the newer liquidity and availability disclosure required by all NPOs.
Publication Date: August 2021
Designed For
This session is for auditors and also helpful to the NPO financial personnel.
Topics Covered
- Big picture differences
- Specific NPO financials statements
- Conditional vs. restricted contributions
- Recording of donated goods and services and agency transations
- Other areas that are unique to NPOs and related specific footnote disclosures
- The newer liquidity and availability disclosure required by all NPOs
Learning Objectives
- Recognize the big picture differences
- Identify specific NPO financial statements
- Differentiate between conditional vs. restricted contributions
- Recognize how to record donated goods and services and agency transactions
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
