Schedule A & Public Support Test

Jun 8, 2021 9:35am ‐ Jun 8, 2021 10:50am

Identification: NOT2126

This session will provide a review of filing issues for public charities as well as a deep dive into Schedule A and its various tests/requirements. The session will also provide an analysis of common missteps that can occur. The session will also focus on the different alternatives for a public charity to consider to protect their imperiled public support status, for example, unusual grants, the 10% facts and circumstances test, accurate completion of Schedule A, Parts I, II and III, the ability to switch between Part II and Part III, etc.
Learning Objectives:
  • Understand filing issues that are faced by public charities.
  • Understand different alternatives to protect public support status.
  • Understand common missteps that can occur.

How to Tell Your Financial Story

Jun 8, 2021 9:35am ‐ Jun 8, 2021 10:50am

Identification: NOT2127

Storytelling isn't just for the communications department. Your organization's financial story can be told through a wide range of financial reports and information, from budgets in grant proposals to disclosures in your 990. In this session, we will discuss different opportunities to take control of your organization's financial story. We will also learn about how best to communicate your financial story to non-accountants, and how to involve your board and staff in financial storytelling.
Learning Objectives:
  • Learn opportunities to display organizational stories within financial statements, including 2016-14 impacts, and the IRS Form 990
  • Discuss how the organization's website, as well as other websites, can lead to financial transparency
  • Identify ways to involve non-financial staff in financial storytelling

Work the Core - Don't Fail in Assessing Risk

Jun 8, 2021 9:35am ‐ Jun 8, 2021 10:50am

Identification: NOT2128

Partners, are you starting your audit off properly? Most practitioners answer, "yes." However, more than a decade after the risk assessment standards were issued, the AICPA Peer Review team found that more than half of all firms fail to comply with AU-C Section 315 or 330. At the core of every audit are the goals of identifying, assessing, and responding to risks of material misstatement. Ensure your audits comply with risk assessment standards. The discussion will include misconceptions commonly held by senior-level practitioners and how to avoid these common areas of non-compliance.
Learning Objectives:
  • Identify the most common challenges auditors encounter with respect to AU-C Sections 315 and 330
  • Recall the intent of the standards and how the requirements should be interpreted
  • Recognize practical application of the standards in audits of small- to medium-sized entities
  • Identify and access helpful resources to support quality performance

Auditing Standards Board Update

Jun 8, 2021 11:50am ‐ Jun 8, 2021 1:05pm

Identification: NOT2129

This session will introduce attendees to the current activities of the Auditing Standards Board, including a discussion on recently issued standards and how they will impact planned audit procedures and reporting practices.


Learning Objectives:
  • Identify the current activities of the Auditing Standards Board
  • Determine how the new standards will impact current audit procedures and reporting practices

The OMB Compliance Supplement: How Can Auditees Utilize This Resource

Jun 8, 2021 11:50am ‐ Jun 8, 2021 1:05pm

Identification: NOT2130

The annual OMB Compliance Supplement has long been used by auditors to plan and execute their single audits in accordance with Uniform Guidance. However, the Supplement is just as relevant for auditees as it is auditors in order to be in full compliance with managing federal awards. This session will focus on how the Supplement should be approached and utilized by federal award recipient with the goal of compliance and to pass single audits with flying colors. Areas of focus will include compliance with the 14 requirements, preparation of the SEFA, and best practices for internal controls over compliance.
Learning Objectives:
  • Understand the requirements of the Compliance Supplement as it applies to auditees
  • Analyze best practices over documentation and relevant internal controls to achieve compliance in their single audits.

Related Party Reporting: Examination of Schedule R and Schedule L

Jun 8, 2021 11:50am ‐ Jun 8, 2021 1:05pm

Identification: NOT2131

The Form 990 requires reporting of relationships and transactions with external entities. This session will walk through what reporting is required and why. First, we'll dive into Schedule R and understand how to figure out what constitutes a related organization. We'll walk through how Schedule R reporting impacts the rest of the Form 990, including Part VII / Schedule J, the volunteer exception, and touch on related party reporting of excess compensation. We will also take a look at the 4 sections of Schedule L, including obvious and sneaky excess benefit transactions, loans, when and how to report scholarships, and other transactions with insiders.
Learning Objectives:
  • Understand Schedule R and related organization reporting.
  • Analyze the four sections of Schedule L and when reporting is required

Internal Controls: Ten things you should know about internal controls

Jun 8, 2021 1:20pm ‐ Jun 8, 2021 2:35pm

Identification: NOT2134

Don't miss this informative and easy-to-follow session about the ten things you should know about internal controls. Audit professionals will cover internal audit basics to help your financial team to:

• Assess the state of controls at your organization

• Tackle financial reporting

• Document policies and procedures

• Determine next steps upon receiving a management letter

• Recognize the most common deficiencies
Learning Objectives:
  • Properly document policies and procedures
  • Assess the state of controls at their organization
  • Recognize common deficiencies

Smart Sampling in a Single Audit

Jun 8, 2021 1:20pm ‐ Jun 8, 2021 2:35pm

Identification: NOT2135

Sampling in a single audit environment can be complicated and reviews of single audit engagements have consistently shown there are problems in this area. In addition to covering single audit sampling basics, this session will also provide examples to demonstrate how various scenarios, decisions and judgments impact sampling.

Learning Objectives:
  • Apply important sampling concepts.
  • Identify decisions and judgments that affect the auditor’s sampling approach.
  • Use tips and techniques for planning and performing sampling procedures.

Payroll Tax Reporting Issues for Nonprofits

Jun 8, 2021 1:20pm ‐ Jun 8, 2021 2:35pm

Identification: NOT2136

This session will provide an overview of major issues in payroll reporting including taxability of fringe benefits and characterization of contractors vs employees. In addition, 2020 gave us an increase in remote workers and CARES Act changes that will be discussed for their impact on payroll reporting.
Learning Objectives:
  • Understand current payroll reporting issues
  • Evaluate changes your organization may need to make to payroll reporting

DEI 101 - Diversity, Equity & Inclusion Basics

Jun 8, 2021 1:20pm ‐ Jun 8, 2021 2:35pm

Identification: NOT2137

Need help understanding basic DEI Terms? What are pronouns? What does unconscious bias mean? What is the difference between racial justice and equity? What are the elements of a successful DEI program? This session is designed to provide a basic level of understanding of a comprehensive DEI strategy and common terms.  Learning objectives will be supported by practical examples provided by the presenters.
Learning Objectives:
  • Recognize common DEI terms and how each is relevant to you and your organization.
  • Apply good practices in DEI, including unconscious bias training, at all levels across an organization.
  • Interpret the techniques discussed for you and your organization.