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Need to know the important issues affecting Not-for-Profit entities and how the current economic crisis affects this industry? This Audit Risk Alert provides auditors of NFP financial statements with an overview of recent economic, industry, technical, regulatory, and professional developments that may affect performance of audits and other engagements. This alert can also be used by an NFP's internal management to address areas of audit concern.
Auditing in the current economic environment requires continually evaluating the importance of long-standing auditing standards directed at areas such as auditing fair value measurements, auditing accounting estimates, going concern, and the use of service organizations—all of which get a fresh look in this alert. The current economic woes are stress testing the standards applicable to those areas and the critical thinking required to successfully apply them during the engagement.
This alert is an important tool in helping you identify the significant risks that may result in the material misstatement of financial statements. Additionally, you will find information on recently issued accounting and auditing standards including:
You will also find information on emerging issues such as:
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How This Alert Helps You
.01 This Audit Risk Alert (alert) helps you plan and perform your audits of not-for-profit entities (NFPs). This alert can also be used by an entity's internal management to address areas of audit concern. This alert provides information to assist you in achieving a more robust understanding of the business, economic, and regulatory environments in which your clients operate. This alert is an important tool to help you identify the significant risks that may result in the material misstatement of financial statements and delivers information about emerging practice issues and current accounting, auditing, and regulatory developments. You should refer to the full text of accounting and auditing pronouncements as well as the full text of any rules or publications that are discussed in this alert.
.02 Certain accounting guidance referenced in this alert has been codified into the Financial Accounting Standards Board (FASB) Accounting Standards Codification™ (ASC). FASB is expected to issue FASB ASC as authoritative effective July 1, 2009, at which time it will become the source of authoritative U.S. accounting and reporting standards, in addition to guidance issued by the Securities and Exchange Commission (SEC), for nongovernmental entities. FASB ASC will supersede all then-existing, non-SEC accounting and reporting standards for nongovernmental entities. Once effective, all other nongrandfathered, non-SEC accounting literature not included in FASB ASC will become nonauthoritative. See the discussion of FASB ASC in the "Accounting Issues and Developments" section of this alert.
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