Not-for-Profit Entities Industry Developments - Audit Risk Alert
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Find out about important current developments affecting not-for-profit entities and the issues auditors may face in their current audits as a result of these developments. This Alert focuses on emerging practice issues and current economic, accounting and auditing developments.
Among other topics, this Alert discusses risks related to recent NFP trends, going concern, related party, fair value, and consolidations issues. Also included is a discussion of recent and planned IRS activity with regard to NFPs.
This alert also includes information on emerging issues such as:
- Auditing electronic transactions
- Fraud and internal control considerations
- Contributions vs. exchange transactions
- Functional expense classification issues
- IRS Exempt Organizations Activities
- The FASB Not-for-Profit Advisory Committee Activity
- Higher Education and Religious Organization issues
- Auditing Standards Board, Clarified Auditing Standards
- ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS
- ASU No. 2012-05, Statement of Cash Flows (Topic 230): Not-for-Profit Entities: Classification of the Sale Proceeds of Donated Financial Assets in the Statement of Cash Flows (a consensus of the FASB Emerging Issues Task Force)
To comply with the professional standards, auditors need to understand the industry, regulatory, and other external factors that affect the entity and its environment.
This Alert helps you identify those factors and how they may be a source of risk. You'll not only find targeted discussion of new developments and considerations, but also a look at what’s in the pipeline that may affect your engagements.
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