The most effective path to success lies in being indispensable to clients. Achieving that indispensability requires a robust understanding of the client. Participants will explore the latest developments affecting not-for-profit entities, including FASB requirements, OMB Uniform Guidance, and Yellow Book developments. Moreover, they will thoroughly review updates to ethics, governmental auditing standards, and accounting for not-for-profit entities. After taking this course, participants will be well-versed in current standards and best practices in not-for-profit accounting and auditing.
Objectives
When you complete this course you will be able to:
Identify how FASB's Accounting Standards Updates affect not-for-profit financial statements.
Identify the requirements of recently issued or effective Statements on Auditing Standards (SASs).
Identify the requirements of Statement on Quality Management Standards (SQMS)No. 1, A Firm's System of Quality Management, SQMS No. 2, Engagement Quality Reviews, and SQMS No. 3, Amendments to QM Sections 10, A Firm's System of Quality Management, and 20, Engagement Quality Reviews.
Identify recent changes to the AICPA Code of Professional Conduct that affect auditors of governments and NFPs.
Distinguish the provisions of the Government Auditing Standards 2024 Revision.
Identify Yellow Book requirements related to independence, management's responsibilities, and reporting.
Identify changes to the Uniform Guidance.
Highlights
Not-for-profit accounting update
FASB accounting standards updates
Statement on Quality Management Standards (SQMS) No. 1, 2, and 3
Auditing Standards Board update
Governmental auditing update
