The auditing of a Not-for-Profit Organization (NPO) is similar in many ways to the audit of any organizations. However, certain key differences do exist. We will start by looking at the big picture differences and then we will cover NPO specific financial statements, conditional vs. restricted contributions, recording of donated goods and services and agency transactions. We will look at other areas that are unique to NPOs and related specific footnote disclosures. We will discuss the newer liquidity and availability disclosure required by all NPOs.
Publication Date: August 2021
Designed For
This session is for auditors and also helpful to the NPO financial personnel.
Topics Covered
- Big picture differences
- Specific NPO financials statements
- Conditional vs. restricted contributions
- Recording of donated goods and services and agency transations
- Other areas that are unique to NPOs and related specific footnote disclosures
- The newer liquidity and availability disclosure required by all NPOs
Learning Objectives
- Recognize the big picture differences
- Identify specific NPO financial statements
- Differentiate between conditional vs. restricted contributions
- Recognize how to record donated goods and services and agency transactions
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Diane Edelstein
Diane E. Edelstein is a Senior Partner at Maher Duessel in Pittsburgh, PA and has over thirty years of experience in public accounting. Her entire auditing career has been of non-profits, governments and Single Audit.
Diane speaks throughout the country on Non-profit accounting and auditing and Single Audit. She was member of the AICPA NPO Planning Conference Committee from 2012 – 2017 and continued to speak at the annual conference through 2019.
Diane currently serves on the AICPA Peer Review Board – GCA PMTF (Government and Compliance Audits Practice Monitoring Task Force) and is a past member of the PICPA Professional Ethics Committee and the PICPA Peer Review Committee.