This course discusses accounting for certain expenses, contrasts them with losses, and summarizes recognition, measurement, and financial statement display issues for those items that are unique to not-for-profit entities (NFPs).
Learning Objectives
- Learning Outcomes
- Recognize the purpose of the audit engagement for an NFP.
- Distinguish the unique aspects of the NFP and its environment.
- Identify laws and regulations that may have a direct and material effect on the determination of financial statement amounts.
- Identify planning activities related to an audit.
- Identify the components of a system of internal control.
- Recognize risk assessment in an audit of an NFP.
- Recall the auditor's responsibility to identify fraud.
