NFP Audit Requirements (99996587) - Online

It is estimated that there are 600,000 NFPs across Australia, of which 56,650 charities were registered with Australian Charities and Not-for-profits Commission (ACNC) as of December 2018. The legislative threshold for an NFP to be reviewed or audited is significantly lower than a for-profit entity hence good guidance to auditing NFP is in demand.

This course will focus on audit issues that commonly arise in auditing an NFP and will cover broadly the fundamental areas for auditing an NFP, including:

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

This course is designed to be interactive with a number of learning activities that provide you with practical examples to auditing NFPs.

Key topics

• Understanding not-for-profits
• Planning the audit
• Conducting the audit

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

• Identify the regulatory framework, compliance and reporting obligations of the different types of NFP organisations (including educational institutions, charities, healthcare, sporting and community clubs, company limited by guarantee and membership 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:
• All relevant Auditing Standards should be linked to the appropriate elements of the audit process;
• The content related to the learning objectives, should cover key aspects of the different stages of the audit process, including professional judgment, engagement letters, understanding the business, internal controls, fraud risk, materiality, audit assertions, audit evidence, tests of control and substantive testing, completion, reporting and communication with those charged with governance, misstatements, response to non-compliance and documentation;
• 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).