Attend this session whether you audit both GASB and FASB entities or your job only involves aspects of one. The key differences between GASB & FASB will be highlighted in order for you to be on top of your game when auditing these entities.
Recognize the benefit of separate accounting and financial reporting standards.
Differentiate between key terminology.
Compare and contrast the guidance related to key areas.
Nonprofits are turning to the internet and virtual relationships as fundraising channels to develop new sources of revenue. Funding opportunities include using established online fundraising sites, allowing organizational friends to leverage social media sites to fundraise on behalf of the organization, entering into commercial co-venture arrangements, and specific cause related marketing activities. These special fundraising vehicles and activities come with unique risks and rewards.
After this session, you will be able to:
Recall different fundraising options, and discuss why advanced fundraising techniques may have advantages over traditional methods
Indicate potential risks and rewards after a discussion of select nonprofits’ experiences with online fundraising
Recall internal control considerations for implementation when utilizing online tools
Identify additional federal and state tax reporting requirements which may be triggered depending upon the activity and medium utilized.
This session will provide participants with the latest news and information on performing single audits including: the OMB Compliance Supplement, Uniform Guidance developments, quality update, and other Governmental Audit Quality Center activities.
Recall new developments in performing single audits.
Identify audit areas that have quality issues.
Mary Foelster, CPA, CGMA, Senior Director, Governmental Auditing and Accounting, AICPA
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.
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.
The new revenue recognition standard could potentially have a significant impact on not-for-profits. This session will provide background on the new standard and how it will impact exempt organizations. Speakers will use real-life examples to make the standard tangible.
Analyze the nonprofit-specific impact of the newly issued revenue recognition standard, including the updated changes relating to grants and contracts.
Determine implementation issues applicable to exempt organizations.
As cybersecurity threats continue to multiply, it is paramount that auditors expand their understanding and expertise in the area of cybersecurity. Auditors at every level must be able to do some level of work pertaining to cybersecurity and IT controls. This session will provide training for procedures commonly found in updated IT controls checklists. Topics will include general controls and application controls, highlighting the related risks and controls that should be present to mitigate risks.
Select general and application controls that should be present in organizations undergoing financial statement audits.
Analyze how the general and application controls mitigate cybersecurity risks.
Apply session take-aways to interviews performed in determining the existence and operation of key controls.
Lisa D. Traina, CPA, CGMA, CITP, Partner, Traina & Associates, a CapinCrouse company
The Uniform Guidance procurement rules and guidelines are voluminous and have many challenging areas. This session will go over the current procurement rules and guidelines as well as updates to several of the procurement method thresholds. We will use real-life scenarios to show implementation of the standards, including challenges and advice for navigating the implementation. We will discuss OMB’s suggested approach to testing procurement under the Uniform Guidance and what audit teams need to know to prepare themselves to audit the Uniform Guidance procurement standards.
Identify the Uniform Guidance procurement standards and up-to-date changes to the procurement thresholds.
Recall OMB's suggested approach to auditing the new Uniform Guidance Procurement.
This session will explore the steps necessary to take to determine if an exception is a finding. We will also explore how to properly classify, report, and communicate findings in accordance with the regulatory requirements.
The session will cover:
An update on evaluating and reporting audit findings
How, and if, to modify the audit strategy if a finding is identified
The required reporting elements of a findings under GAGAS and the Uniform Guidance
Use provided guidance to evaluate results of internal control over compliance and compliance testing.
Determine the reporting requirements of a single audit.
Use provided best practices to evaluate and report findings in a single audit.