This session will focus on the internal control testing requirements of the Uniform Guidance.

Learning Objectives:

1. Recognize the requirements of UG related to internal control testing over compliance.
2. Recall the attributes of the COSO model.
3. Identify the typical types of controls noted in most single audits.

This interactive session will explore current issues seen on audits involving either the Internal Revenue Service or State AGs, including areas that the Internal Revenue Service has identified as high priority.

Learning Objectives:

1. Identify audit priority areas for the Internal Revenue Service 
2. Recall tips and strategies for handling the audit process

This session covers the application of the accounting standard over fair value, and the audit procedures that can be used to audit fair value. This session will present both the NFP and government perspective (recognizing there are both FASB and GASB accounting principles related to fair value) and focus mostly on how to apply fair value concepts and how to audit items recorded and/or disclosed at fair value. For instance, we’re hoping to weave in NFP, higher education, and governmental examples, challenges, and good practices to try to reach all elements in our expected audience.

Learning Objectives:

1. Identify the applicable accounting standard over fair value.
2. Differentiate accounting standards related to fair value accounting in either a FASB or GASB environment.
3. Apply the appropriate audit procedures to audit fair value.

Building on the concepts learned in Session 29, this session will focus on the process of identifying effective internal control over compliance and how the auditor decides whether a control is designed and implemented effectively.

Learning Objectives:

1. Identify control objectives for each compliance requirement.
2. Analyze compliance processes and controls within processes.
3. Identify risks within processes ("what can go wrong" risks).
4. Determine whether controls have been placed into operation and are operating effectively.

This session covers proper identification of the individuals who are required to be reported on Form 990 Part VII for both calendar year versus fiscal year organizations. Key topics are: (1) Evaluation of when additional disclosures are called for when officers are engaged through a management company will be addressed (for purposes of Part VI Governance, Schedule O, Part VII-B, and potentially, Schedule L); (2) Contrasting the reporting requirements for Schedule J and those for core form Part VII-A both for disclosing compensation overall and in favor of understanding how a consistent filing position can avoid confusing the consumer of the information provided on Form 990; and (3) Understanding how to analyze the potential triggering of new IRC section 4960’s excise tax on executive compensation based upon available guidance from Treasury (if issued) or in good faith otherwise. 

Learning Objectives:

• Compare what relationship and compensation data is required upon disparate parts of the Form 990
• Determine areas where taxpayers may want to over-disclose compensation information in order to avoid confusion
• Analyze information and uncertainties as to the new 4960 excise tax on executive compensation (including where taxpayers may need to document a tax position or request a ruling).

Sampling in a single audit can become complicated. This session will offer a review of single audit testing basics, which often includes sampling. Examples will demonstrate how the mixture of facts, decisions and auditor judgments all impact sampling.

Learning Objectives:

• Recall sampling considerations in a single audit
• Identify key underlying concepts to select a proper sample

Valuations reports underpin the audit evidence for pension and OPEB amounts recorded by governments. This session is intended to improve an auditor’s understanding of what (or what should be) included and what to be on the lookout for when reviewing and evaluating reports.

Learning Objectives:

• Evaluate the information provided in the accounting valuation
• Contrast an accounting valuation from a funding valuation
• Assess the assumptions used 
• Interpret the recommended steps to auditing the valuation, outlined in the AICPA State and Local Audit Guide

Preparers, do you have a detailed plan to implement the new not-for-profit financial reporting standards? And auditors, are you and your not-for-profit clients ready? Industry experts will walk through the conversion of a not-for-profit’s financial statements and notes to ensure an efficient and effective implementation of FASB ASU 2016-14. You will learn how to overcome the most difficult challenges stemming from this new standard, through sample policies, examples of various board-designation actions, tips on liquidity management, and some expense allocation methodologies that will help not-for-profits satisfy the new requirements. The presentation will include a detailed implementation tool you can use either in your own entity or to assist your clients.

Learning Objectives:

• Identify the most significant and complex challenges in adopting FASB’s new financial statement standard.
• Determine policies, procedures, and systems that should be in place as a result of the standard.
• Identify implementation techniques that could assist in converting a not-for-profit’s financial statements and footnotes to the new standard.

This session will cover recent activity within auditing and attestation standard setting, and how to apply to your engagements.

Learning Objectives:

1. Recall recently issued auditing and attestation standards, as well as current projects
2. Recognize how to apply recently issued standards to your engagements

Sampling concepts learned in Session 37 will be expanded to real life situations auditors may encounter on a single audit. This session will include several different case studies to provide examples on how to apply sampling concepts and work through difficult and challenging issues when sampling in a single audit.

Learning Objectives:

• Determine auditor considerations related to population completeness, calculations of sample sizes, and risk.
• Identify when sampling may not be appropriate for a population in a single audit.