- NY Credits : 8.0
- TX Credits : 8.0
This interactive self-study course discusses the pre-engagement activities required for an audit of a nonprofit organization. Lesson 1 takes a look at client acceptance and continuance procedures, how to establish the terms of the engagement (such as by using an engagement letter), and how to use an engagement letter to limit liability. Lesson 2 examines initial engagements, service organizations, the use of a specialist, and audits of group financial statements.
Course Expiration Date: March 31, 2020
Please note, the grading fee for answer sheets submitted by regular mail is $109.
Identify the requirements and procedures necessary to accept or continue a nonprofit organization audit engagement.
Recognize how engagement letters are used to establish the terms of a nonprofit audit engagement and how engagement letters can be used to effectively limit liability.
Identify the additional procedures and requirements that should be met in an initial nonprofit organization audit.
Determine how service organizations are used in audits of nonprofit organizations and what related procedures are required.
Recognize how auditors of nonprofit organizations might use specialists and how the work of such specialists should be addressed.
Determine how audits of group financial statements differ from the audit of a nonprofit organization with a single set of financial statements.
Lesson 1—Client Acceptance and Continuance, Establishing the Terms of the Engagement, and Using the Engagement Letter to Limit Liability
Lesson 2—Initial Engagements, Service Organizations, Specialists, and Group Financial Statements