2025 Not-for-Profits and Common Mistakes on Financials
Author: Pat Patterson
| CPE Credit: |
2 hours for CPAs |
This course provides lists of tools from providers of selected financial statement errors and issues.
This course has been updated for new standards and common financial statement errors found on NFPs such as disclosures, titles, and subjects.
The errors are grouped by financial statement type.
Publication Date: October 2025
Designed For
Professionals in public practice, industry, government, education, and board members of NFP entities and organizations who deal with nonpublic entities and wish to stay current on professional standards.
Topics Covered
- Selected Accounting and Auditing Issues for NFPs
- What are "Levels of Authority" for Accounting and Auditing Engagements of Not-for-Profits?
- What is an "Attest Engagement" and does it apply to NFP Engagements?
- Requirements for non-attest work when engaged to perform an attest function for NFPs
- Selected Issues of Quality Management Insights and MFCs for NFPs
Learning Objectives
- List examples of selected financial statement errors
- Identify financial statement errors commonly found in small and medium-sized not-for-profits entities (NFPs)
- State instructions on newly issued standards from the FASB for Generally Accepted Accounting Principles (GAAP)
- State instructions on newly issued standards from the AICPA’s Auditing Standards Board for Generally Accepted Auditing Standards (GAAS) and SSAEs
- List directions for new standards from SSARS issues
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)
Program Prerequisites
Basic knowledge of NFPs
Advance Preparation
None
