There is simply no denying that a sufficiently designed and effectively operating system of internal controls over reliable financial reporting is more important than ever. The primary objective of this course is to give participants “hands-on” practice in designing, evaluating, and communicating conclusions related to design and operating effectiveness of internal controls over reliable financial reporting and other risks for nonprofit environments.
Course ID: ICDNP
Internal Controls for Nonprofits: Practical Insights into Mitigating Financial Reporting Compliance and Other Risks
Learning Objectives
- Describe recent developments of the FASB most relevant to nonprofit entities
- Explain the impact of new financial reporting model for nonprofit entities being developed by the FASB
- Discuss accounting and financial reporting changes on the horizon
Major Topics
- Current outcomes of the highly significant FASB project related to Financial Statements of Not-for-Profit Entities
- Recently released FASB standards that will impact nonprofit financial reporting the most, including revenue recognition and lease accounting
- Accounting and financial reporting planned changes on the horizon that could significantly impact nonprofit entities
Who Should Attend
Internal and external accounting or auditing personnel who have responsibility for designing, evaluating or monitoring deficiencies in internal controls in nonprofit environments
Fields of Study
AuditingPrerequisites
Knowledge of currently effective professional, technical and regulatory standards