4062 | On Demand | Basic | Self-Study
Planning the Audit Engagement
Friday, May 1, 2020 - Friday, April 30, 2021
The key to an effective audit is adequate planning and preparation, as well as two-way communication between an NFP's independent auditors and management. Audit planning involves: performing preliminary engagement activities; establishing an overall audit strategy and communicating with those charged with governance an overview of the planned scope and timing of the audit; developing a detailed, written audit plan; determining direction and supervision of engagement team members and review of their work; and determining the extent of involvement of professionals with specialized skills. This CPE course provides guidance for planning a not-for-profit (NFP) audit engagement.
- Recognize the unique characteristics of NFPs and considerations for audit planning;
- Recall the key steps to planning an audit engagement;
- Identify basic audit documentation that is needed for audit planning and preparation
- Recall the auditor's responsibility for fraud.
- Karen Craig
CPAs who perform not-for-profit (NFP) audit engagements as well as staff and board members at small- and medium-sized NFPs.
- NFP audit overview
- Understanding the entity and its environment
- Unique reporting requirements for NFPs
- Audit planning
- Internal controls
- Risk assessment
- Considerations of fraud
- Auditor documentation