Covers the assertions to be used in developing audit objectives and designing tests of controls and substantive tests for several accounting and reporting areas unique to not-for-profits.
Learning Objectives
Recognize the accounting and reporting areas unique to not-for-profit entities./;Identify the audit assertions used to develop audit objectives and design substantive tests in an audit of an NFP.;Recall possible audit procedures to be performed for NFP specific transactions.
Major Topics
Basic audit overview;Special considerations for auditing NFPs;Contributions;Exchange and agency transactions;Split-interest agreements;Endowments;Uniform Prudent Management of Institutional Funds Act (UPMIFA);Functional expenses;Joint costs;Financial statement presentation;Usage of tax-exempt debt proceeds
