- NY Credits : 8.0
- TX Credits : 8.0
Companion to PPC's Guide to Audits of Nonprofit Organizations - Course 3 - Concluding the Audit (NPOTG183)
This interactive self-study course provides an introduction to the procedures required by the auditor when concluding an audit. Lesson 1 reviews the authoritative literature that would provide auditor guidance in concluding an audit. In addition, lesson 1 addresses commitments, contingencies and liabilities, lawyer's letter, management representation letters, subsequent events review and related parties. Finally this lesson provides directions on evaluating an entity as a going concern and reevaluating the risk of material misstatement at the conclusion of the audit. Lesson 2 lists the documentation required when completing an audit and the requirements for preparing and drafting an auditor's report. Lesson 2 also explains the necessary communication between the auditor, management of the client, and those charged with governance.
Course Expiration Date: March 31, 2019
Please note, the grading fee for answer sheets submitted by regular mail is $105.
Identify the authoritative literature related to concluding an audit and how to address commitments, contingencies and liabilities within the financial statements.
Recognize the audit procedures related to lawyer's letters, subsequent events review and related parties.
Determine the considerations for an entity to be evaluated as a going concern.
Recognize the auditor procedures to reevaluate the risk of material misstatement at the conclusion of the audit.
Identify the categories for the evaluation and summarization of the misstatements discovered in fieldwork.
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—Considerations and Procedures when Concluding an Audit
Lesson 2—Preparing and Drafting an Auditor’s Report and the Required Communication with the Client