The most effective path to success lies in being indispensable to clients. Achievingthat indispensability requires a robust understanding of the client. Participants willexplore the latest developments affecting not-for-profit entities, including FASBrequirements, OMB Uniform Guidance, and Yellow Book developments. Moreover, theywill thoroughly review updates to ethics, governmental auditing standards, andaccounting 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 andauditing.
Learning Objectives
Identify how FASB's Accounting Standards Updates affect not-for-profit financialstatements. Identify the requirements of recently issued or effective Statements on AuditingStandards (SASs). Identify the requirements of Statement on Quality Management Standards (SQMS)No. 1, A Firm’s System of Quality Management, SQMS No. 2, Engagement QualityReviews, and SQMS No. 3, Amendments to QM Sections 10, A Firm’s System ofQuality Management, and 20, Engagement Quality Reviews. Identify recent changes to the AICPA Code of Professional Conduct that affectauditors of governments and NFPs. Distinguish the provisions of the Government Auditing Standards 2024 Revision. Identify Yellow Book requirements related to independence, management’sresponsibilities, and reporting. Identify changes to the Uniform Guidance.
Major Topics
Not-for-profit accounting updates FASB accounting standards updates Statement on Quality Management Standards (SQMS) No. 1, 2, and 3 Auditing Standards Board update Governmental auditing update
