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Nonprofit Auditing and Accounting Update (2008–2009 Edition)

Author/Moderator: W.A. Broadus, Jr., CPA, CGFM
Publisher: AICPA
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Description

Ideal for self-study or on-site training!

Ever have a discussion with a client or auditor regarding a recent not-for-profit accounting or auditing development and not have a clue regarding what they were talking about? Get more than just a clue, solve the entire case through this timely update designed to help you understand the latest accounting and auditing developments affecting not-for-profits.

Objectives:
  • Review key accounting and reporting issues for not-for-profits
  • Plan for new pronouncements issued or pending by the FASB that will affect not-for-profits
  • Review the July 2007 Yellow Book and related GAO guidance that has subsequently been issued
  • Review the federal study on A-133 audit quality and its potential ramifications on future A-133 audits
  • Understand the effect of SAS No. 112 on Yellow Book and A-133 engagements
  • Understand the latest standards issued by the AICPA relating to not-for-profits and also standards on the horizon

Prerequisite: Knowledge of nonprofit auditing and accounting

Videocourse Details

View the video clip

In the video, W.A. Broadus, Jr., CPA, CGFM, president of W.A. Broadus, Jr., CPA, PC, a respected consultant in the governmental and nonprofit area, employed for several years with the GAO, and author of many AICPA professional development courses, interviews Peter B. Bell, CPA, CGFM, consultant and trainer in Washington, DC, employed for several years with the Department of Housing and Urban Development; Marcia Buchanan, CPA, CGFM, Assistant Director, GAO; Allen L. Fetterman, CPA, retired partner of Loeb & Troper and lecturer; John Fisher, CPA, Director–NEAR of the U.S. Department of Health and Human Services in Kansas City, MO; Mary Foelster, CPA, AICPA Director–Governmental Auditing and Accounting; Jill R. O’Brien, project manager of the Federal Audit Clearinghouse of the U.S. Bureau of the Census in Washington, DC; James S. Remis, CPA, partner, Federman, Lally & Remis LLC, in Farmington, CT; and Joel Tanenbaum, CPA, AICPA Technical Manager–Accounting Standards.

For a sample video clip, go to www.cpa2biz.com/cpevideo

*(195-min. video) The DVD disk contains the video presentation and a viewable copy of the Manual.
**The Additional Manual is for group study training only. Unlike other formats, it has no exam answer sheet and cannot be used to earn self-study credit.

Table of Contents

  • Chapter 1 - Federal Government Activities
    • Learning Objectives
    • Introduction
    • Federal Audit Clearinghouse Activities
      • Data Collection Form
      • Data Collection Forms In Use
      • The 2004 Revised Data Collection Form
      • Data Collection Form Submission
      • Data Collection Form Submission Problems
      • Frequently Asked Questions Concerning the 2004 Data Collection Form and Federal Audit
      • Clearinghouse Answers
      • Federal Audit Clearinghouse Contact Information
      • Availability of Data Collection Form Copies
    • Frequently Asked Questions about the Single Audit Process
    • National Project to Statistically Measure the Quality of Single Audits
      • Project Sampling Plan
      • Current Status of Project
    • Quality of OMB Circular A-133 Audits
      • Desk Reviews & Quality Control Reviews (QCRs)
      • Examples of Engagement Deficiencies Noted in Federal QCRs
      • Engagement Deficiencies Noted in Peer Reviews
    • Revisions to the OMB Compliance Supplement for Single Audits
      • Added Programs
      • Revised Programs
      • Additional Revisions
    • Revised Government Auditing Standards
    • Government Auditing Standards and Circular A-133 Audits
    • New Attestation Reporting Interpretation
    • Summary
    • Questions
  • Chapter 2 - FASB Activities and Nonprofit Regulatory Issues
    • Learning Objectives
    • Introduction
    • Combinations of Not-for-Profit Organizations
      • Project Objective
      • Status of Combinations Project
      • Summary of Tentative Decisions
      • Impact of FASBs No. 141 and No. 142
    • 2004 IRS Comments to the Senate Finance Committee Regarding Charitable Giving Problems
    • Senate Finance Committee 2004 Discussion Draft Related to Proposed Reforms and Best Practices for Tax Exempt Organizations
      • Proposed Changes
      • Discussion of Key Proposals
    • AICPA 2004 Comments on the Senate Finance Committee Discussion Draft
      • General Comments
    • Additional AICPA Comments and Suggestions to the Senate Finance Committee Relating to Charitable Governance
      • Issue Area 1
      • Issue Area 2
      • Issue Area 3
    • Panel on the Nonprofit Sector Interim Report Presented to the Senate Finance Committee
      • The Interim Report
      • Issues the Panel Will Consider for Its Final Report
    • U.S. Senate Finance Committee Hearing on Charities and Charitable Giving (April 2005)
    • Summary
    • Questions
  • Chapter 3 - AICPA Activities
    • Learning Objectives
    • Introduction
    • New AICPA Governmental Audit Quality Center
    • U.S. Auditing Standards Coordinating Forum
    • Proposed Statement on Auditing Standards Audit Risk
    • Proposed Auditing Standards Related to SAS No. 60 Communication of Internal Control Related Matters Noted in an Audit
    • Proposed Statement on Auditing Standards Related to SAS No. 96, Audit Documentation
    • SOP 04-1, Auditing the Statement of Social Insurance
    • Not-for-Profit Organizations A&A Guide
    • Comprehensive Basis of Accounting Other than GAAP (OCBOA)
    • OCBOA Interpretations Issued
    • Proposed SAS and SSAE Related to Defining Professional Requirements
    • AICPA Professional Ethics Executive Committee Adopts Revisions to Nonattest Services Rules
      • Competency Requirement
      • Documentation Requirement
      • Routine Activities
      • The Revised Interpretation
    • Potential GAAP Changes
      • FASB Exposure Draft on The Hierarchy of Generally Accepted Accounting Principles
      • Proposed SAS Amendment to SAS No. 69
    • Summary
    • Questions
  • Chapter 4 - Ethics Focus: Accounting and Auditing
    • Ethics Overview
    • Interpretation 101-3
    • Key Ethical Dilemmas
    • Addressing Ethical Dilemmas
    • Available Resources
  • Chapter 5 Latest Developments
  • Appendix A 2004 Data Collection Form
  • Appendix B Government Auditing Standards 2003 Revision
  • Appendix C Government Auditing Standards Answers to Independence Standard Questions
  • Appendix D GAO CPE Guidance
  • Appendix E AICPA Attestation Interpretation
  • Appendix F Senate Finance Committee 2004 Discussion Draft
  • Appendix G AICPA Comments to the Senate Finance Committee
  • Appendix H Panel on the Nonprofit Sector Interim Report
  • Appendix I Example Yellow Book and A-133 Audit Reports
  • Appendix J Organizations Issuing Government and Nonprofit-Related Publications
  • Appendix K Not-for-Profit Checklist

Excerpts

OVERVIEW

Course Objectives

  • Understand the implications of the latest proposed and final pronouncements by the FASB, the GAO, the OMB, and the AICPA.
  • Apply the new requirements more effectively.
  • Implement the latest technical practice advice.

Introduction

Covering all the latest auditing and accounting developments affecting nonprofit entities, this course will give you a complete understanding of changes in the nonprofit environment. In the video, W.A. Broadus, Jr., CPA, CGFM, interviews Peter B. Bell, CPA, CGFM; Allen L. Fetterman, CPA; Mary Foelster, CPA; James S. Remis, CPA; Ann Russo; and Christopher Stubbs, CPA.

Course Components

The complete video-based course consists of:

  • A manual with six chapters, and eight appendixes.
  • A video presentation in three segments.
  • An examination for self-study credit.
  • An exam answer form.
  • A course evaluation form.

Course Organization

This course is organized as follows.

  • Chapter 1, Federal Government Activities
  • Chapter 2, AICPA Activities
  • Chapter 3, Accounting and Reporting Issues for Not-for-Profit Organizations
  • Chapter 4, Congressional and FASB Activities Directed Towards Not-for-Profits
  • Chapter 5, Ethics Focus: Accounting and Auditing
  • Chapter 6, Latest Developments
  • Appendix A, 2004 Data Collection Form
  • Appendix B, Government Auditing Standards 2003 Revision
  • Appendix C, 2006 Compliance Supplement Excerpts
  • Appendix D, PHA Notice
  • Appendix E, GAO CPE Guidance
  • Appendix F, Example Yellow Book and A-133 Audit Reports
  • Appendix G, Organizations Issuing Government and Nonprofit-Related Publications
  • Appendix K, Not-for-Profit Practice Aid

Chapter 1

Federal Government Activities

Learning Objectives

  • Understand recent Federal Audit Clearinghouse activities for OMB Circular A-133 audits including developments related to the Data Collection Form.
  • Review key OMB Circular A-133 audit quality issues.
  • Review the status of the National Single Audit Sampling Project.
  • Review some of the major revisions in the 2006 OMB Circular A-133 Compliance Supplement.
  • Review some of the recent developments related to HUD engagements.
  • Understand key areas covered in the 2005 Yellow Book CPE guidance.
  • Review the 2006 Yellow Book revision project.
  • Review the status of the AICPA Governmental Audit Quality Center and the AICPA Audit Guide Government Auditing Standards and Circular A-133 Audits.
  • Understand the Federal Financial Assistance Management Improvement Act.

Introduction

This chapter will provide a wide range of updates on the areas listed above.

Federal Audit Clearinghouse Activities

The Single Audit Act Amendments of 1996 required that the Director of the Office of Management and Budget (OMB) designate a Federal clearinghouse to

  • Receive copies of all reporting packages developed in accordance with the Act;
  • Identify recipients that expend $500,000 or more in Federal awards or such other amount specified by the Director of OMB under section 7502 (a)(3) of the Act during the recipient’s fiscal year but did not undergo an audit in accordance with the Act; and
  • Perform analyses to assist the Director of OMB in carrying out responsibilities under the Act.

In 1997 OMB established the Federal Audit Clearinghouse (FAC) within the Bureau of Census, Department of Commerce. The FAC serves as the central collection point, repository, and distribution center for OMB Circular A-133 audit reports.

The primary functions of the FAC are to:

  • Receive the results and the audit report from the auditee;
  • Archive copies of the results and audit report;
  • Forward a copy of the audit report to each Federal awarding agency which has provided direct funding and which has a related audit finding;
  • Maintain an electronic database of the results which is accessible via the Internet; and
  • Answer inquires concerning submission requirements of the Circular.

Videocourse Details

NASBA Field of Study: Accounting and Auditing (Governmental)
Level: Update
Recommended CPE Credit: Text-16 (Governmental Accounting-3; Governmental Auditing-13); DVD/Manual-19 (Governmental Accounting-4; Governmental Auditing-15)
Please note: Credit for this course is preliminary.
Yellow Book Hours: TBD
NONPROFIT AUD & ACCT UPDATE TX08
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NONPROFIT AUD & ACCT UPDATE DVDM08
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NONPROFIT AUD & ACCT UPDATE A/M08
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