NFP Audit Requirements (99996587) - Online

This course was updated in April 2019 and focuses on audit issues that commonly arise in auditing an NFP.

The legislative threshold for an NFP to be reviewed or audited is significantly lower than a for-profit entity, hence good guidance for auditing NFPs is in demand. If you audit NFPs this course is invaluable, with interactive learning and practical examples to assist your audit.

This course focuses on audit issues that commonly arise in auditing an NFP and covers the fundamental areas for auditing an NFP.

Key topics:

• Key characteristics of NFPs
• Key auditing issues specific to NFPs
• Regulatory framework for NFPs
• Key risk areas in auditing NFPs
• How to plan and complete an effective audit

This course consists of one interactive online course, one downloadable PDF learning manual and one online assessment.

• Identify the regulatory framework, compliance and reporting obligations of the different types of NFP organisations that impact the client and the auditor
• Apply the understanding of regulatory provisions to decide when an audit or a review is the most appropriate engagement for an NFP organisation
• Analyse and apply the key principles of client acceptance and continuance, planning and risk assessment, performance and review, evaluation, reporting and wrap-up, as applicable to NFP audit engagements
• Apply the understanding of key deadlines and other reporting requirements to detect risks associated with non-compliance
• Identify and apply risk assessment techniques to risks arising consequent to the changes introduced by the revised AASB 1058 Income of NFP Entities (and related standard AASB 15 Revenue from Contracts with Customers).