- NY Credits : 8.0
- TX Credits : 8.0
This interactive self-study course takes a look at issues related to the risk assessment procedures and planning that are part of a nonprofit audit engagement. Lesson 1 discusses risk assessment and other planning procedures that are needed for the audit of a nonprofit organization, obtaining an understanding of the entity and its environment, and obtaining an understanding of internal control. Lesson 2 examines entity-level and activity-level controls, the planning decisions and judgments that may be necessary in this type of audit, the auditor’s consideration of fraud and laws and regulations, and how to plan an audit time estimate.
Course Expiration Date: March 31, 2021
Please note, the grading fee for answer sheets submitted by regular mail is $109.
Identify the authoritative literature related to concluding an audit.
Recognize the audit procedures related to lawyers' letters, subsequent events review and related parties.
Determine the considerations for an entity to be evaluated as a going concern, and the disclosures and audit procedures required for risks and uncertainties.
Recognize the auditor procedures to reevaluate the risk of material misstatement at the conclusion of the audit, and identify the purpose of analytical procedures in the final review stage.
Identify the categories for the evaluation and summarization of the misstatements discovered in fieldwork and the documentation the auditor should clarify.
Determine the auditor's obligations in relation to drafting the financial statements and preparing the auditor's report.
Identify the communication requirements for an auditor and the required elements of the communication with management and those charged with governance.
Lesson 1—Risk Assessment and Other Planning Procedures, Obtaining an Understanding of the Entity and Its Environment, an Obtaining an Understanding of Internal Control
Lesson 2—Obtaining an Understanding of Entity-level and Activity-level Controls, Planning Decisions and Judgments, Considerations for Fraud and Laws and Regulations, and Planning an Audit Time Estimate