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Small_NFP_Audit - Small NFP Audit ACCT 4650 Audit Planning...

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Small NFP Audit ACCT 4650
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ACCT 4650 Audit Planning, Risk and  Materiality n The process is essentially the same as for a  normal audit n The unique differences of NPO’s require that  special consideration be taken to ensure  adequate planning is done n Role of the Audit Committee  
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ACCT 4650 Audit Planning – Internal  Control Assessment n Turnover of board members n Skills of volunteers n Budgeting process n External influences on expenditure  restrictions, accounting procedures and  reporting requirements n Possible lack of resources can affect  administration of organization
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ACCT 4650 Audit Planning - Risk  Assessment n Assessing inherent, control and detection risk  for an NPO is much the same as for a regular  audit n Areas of increased risk for an NPO would be n Susceptibility of donations to lack of completeness n Frequent changes in board and volunteers n
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