Overview
The Not-for-Profit Advisory Committee has been busy discussing several projects that the FASB is working on and their impact on nonprofits. In this course, we will review the key issues and discussions from recent NAC meetings. We'll also take a look at ASUs issued by the FASB that may impact nonprofit financial statements. After a break, we then transition from accounting to auditing with a look at the common deficiencies found in nonprofit Yellow Book audits with a focus on CPE, reporting, and independence.
Prerequisites
Prior Experience with NFP financial reporting or auditing
Objectives
- Recall the impact of ASUs on nonprofit organizations
- Recall the activities of the nonprofit advisory committee
- Identify common deficiencies in Yellow Book Engagements
- Recall the independence requirements in Yellow Book
Highlights
- Auditor Reporting
- Uniform Guidance
