Nonprofit Organization Update FLEXCAST

Overview

In the specialized world of Nonprofit Organizations (NPOs), directors, managers, accountants, and auditors often face unique challenges that can be intensified by limited resources. This seminar is specifically designed to address these challenges, focusing on the complex accounting, auditing, and internal control matters that are distinctive to NPOs. Participants will delve into the intricacies of recently issued accounting (FASB) and auditing (AICPA) standards, gaining insights into their implications, particularly regarding the proposed FASB ASU on Financial Statements of Nonprofit Entities. The course also tackles the difficulties and necessary changes in response to internal control deficiencies and the more rigorous Risk Assessment Audits. Moreover, it provides new guidance on internal control improvements tailored for Board members and management of NPOs. This seminar presents practical and effective solutions to resolve ‘problems’ experienced by NPOs, empowering participants with the knowledge and tools to navigate the unique challenges of the nonprofit sector.

Highlights

Nonprofit organization (NPO) overview. FASB guidance. Unique auditing issues for NPO. Audit documentation. Standards for charity accountability (BBB). 5 ways NPO can detect and prevent fraud.

Prerequisites

None.

Designed For

CPAs and nonprofit leadership.

Objectives

Recently issued accounting (FASB) and auditing (AICPA) standards and the expected implications for NPOs with emphasis on the proposed FASB ASU on financial statements of nonprofit entities. Difficulties and changes necessary in response to internal control deficiencies and the ’more rigorous“ risk assessment audits. New guidance for internal control improvements for Board members and management of NPOs.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.