An audit is an examination of a charitable nonprofit's financial records, accounts, business transactions, accounting practices, and system of internal control by an independent auditor. An audit is an examination of a charitable nonprofit's financial records, accounts, business transactions, accounting practices, and system of internal control by an independent auditor. An audit performed in accordance with Generally Accepted Auditing Standards (GAAS) enables the auditor to form an opinion on the financial statements of the not-for-profit (NFP) under examination, which enhances the degree of confidence that intended users can place in the financial statements. The financial statements of an NFP include the statement of financial position, statement of activities, statement of cash flows, and accompanying notes. Who Will Benefit CPAs, board members, and accounting professionals new to NFPs or in need of a refresher. Key Topics - Audit considerations - Financial statements - Audit issues - Compliance Learning Outcomes - Identify general considerations related to an audit of an NFP - Recall NFP financial statements subject to audit. - Identify unique auditing considerations related to cash and cash equivalents and endowment funds. - Recognize special auditing considerations related to NFP revenues and related receivables. - Recognize special auditing considerations related to split-interest agreements. - Identify auditing considerations regarding tax-exempt debt. - Identify auditing considerations with regard to net assets. - Recognize special auditing considerations related to the statement of activities. - Recall audit issues related to compliance with laws and regulations.