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.
Description
This course focuses on audit issues that commonly arise in auditing an NFP and will cover broadly the fundamental areas for auditing an NFP.
Key modules:
- Understanding not-for-profits
- Planning the audit
- Conducting the audit
The product will cover:
- 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 online course, including a downloadable PDF learning manual and one multiple-choice online assessment.
Learning objectives
- 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;
- 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 requirement – to detect risks associated with non-compliance;
- 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).