CPE Self-Study

Auditing Considerations: Not-for-Profit Governance and Assurance

  • $49.00-$59.00
    Auditing Considerations: Not-for-Profit Governance and Assurance Availability : Online Access Product #: 165156
    AICPA Member: $49.00
    Non-Member: $59.00
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    Contact a representative for group pricing. 800.634.6780 (Option 1) | Contact Us Product #: GT-NFP-GRA6

This CPE course is included in the 40-hour Not-for-Profit Certificate Program. It can also be purchased individually or as a part of the Not-for-Profit Governance and Assurance track.

Not-for-profits (NFPs) have unique accounting and reporting requirements that should be considered when planning and performing audits of NFPs. This CPE course reviews the assertions to be used in developing audit objectives and designing tests of controls and substantive tests for a number of accounting and reporting areas unique to NFPs. It also discusses some possible audit procedures for consideration based on those assertions.

Topics Discussed:

  • Basic audit overview
  • Special considerations for auditing NFPs
  • Contributions
  • Exchange and agency transactions
  • Split-interest agreements
  • Endowments
  • Uniform Prudent Management of Institutional Funds Act (UPMIFA)
  • Functional expenses
  • Joint costs
  • Financial statement presentation
  • Usage of tax-exempt debt proceeds

Learning Objectives:

When you complete this course, you will be able to:

  • Recognize the accounting and reporting areas unique to not-for-profit entities (NFPs);
  • Identify the audit assertions used to develop audit objectives and design substantive tests in an audit of an NFP; and
  • Recall possible audit procedures to be performed for NFP specific transactions.

Who Will Benefit?

  • CPAs, financial professionals and NFP board members involved in or reviewing audits for NFPs.

Prerequisite: None

Advanced Preparation: None


Not-for-Profit Section Members Receive Additional Savings! 

When you log into this website with your AICPA member user account, the section/credential discount will be automatically applied during checkout. Should you have any questions or encounter any issues, please contact the AICPA Service Center at 888-777-7077 or service@aicpa.org.

Find out more information on the NFP Section.

System Requirements

About the Authors

Karen Craig

About the Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.