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This module includes a definition of NPOs and a summary of the main differences between NPOs and profit-oriented business entities. It highlights some of the differences in accounting methods, and addresses those CASs that the auditor must consider in determining whether or not to accept the client.
There are a number of CASs for which the various roles must be clearly understood by all the parties if the requirements of the standards are to be appropriately met. The role descriptions and titles vary widely from one NFPO to another; therefore, the auditor must understand the intention of each CAS in order to identify with whom to communicate on the matters addressed by the CAS.
This module includes a description of the audit planning process covering auditor competence, knowledge of the environment, independence, and objectivity. It outlines the reasons for the preliminary review of internal control and describes risk assessments and a consideration of materiality. It is this risk assessment that is the foundation for the selection of appropriate audit procedures. Emphasis is placed on the differences between the financial statement users of NFPOs and profit-oriented enterprises.
In designing and completing audit procedures, the auditor must both respond to risks assessed at the planning stage, and ensure that the requirements of numerous CASs are met. This module summarizes the CASs that address specific required procedures, and highlights those that are most common or relevant to the audit of NFPOs. A list of the most common audit procedures that may be unique to NFPOs is provided.
In addition to the independent auditor’s report itself, there are other specific reporting and communication requirements included in CASs, starting with negotiating the terms of the engagement through to post-audit findings reports. This module follows the communication requirements from beginning to end of the audit, and identifies what would be the appropriate form of communication, and the party to which it should be addressed.
This module addresses the key aspects of the standard independent auditor’s report, and common modifications that may be required in the audit of NFPO financial statements.
This illustrates the application of the concepts and techniques discussed in the course. It includes a series of questions and answers that can serve as a prototype for an audit of an NFPO.
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September 18, 2017
Jointly presented by CPA Canada and CPA Ontario, The ONE is the must-attend, multi-track event of the year, designed for all CPAs who want to be at the top of their game.