Not-for-Profit Entities Industry Developments — Audit Risk Alert

The AICPA Audit Risk Alerts are developed to present issues that auditors may face in their current audits, focusing on emerging practice issues and current economic, accounting and auditing developments. Find out about important issues affecting not-for-profit entities and how these developments affect auditing in this industry. Among other topics, this Not-for-Profit Entities Audit Risk Alert discusses risks related to recent NFP trends, going concern, related party, fair value, and consolidations issues. Also in this alert is a discussion of recent and planned IRS activity with regard to NFPs.

New accounting and auditing guidance and exposure drafts that are particularly significant to this alert and covered in just the right amount of detail include:

• SAS No. 118, Other Information in Documents Containing Audited Financial Statements
• SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole
• SAS No. 120, Required Supplementary Information
• ASU No. 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses

This alert also includes information on emerging issues such as:

• Fair Value Considerations, including Gifts-in-Kind
• IRS Exempt Organizations Activities
• New Market Tax Credit Program Considerations
• The FASB Not-for-Profit Advisory Committee Activity
• Private Company Financial Reporting Update

To comply with the professional standards, auditors need to understand the industry, regulatory, and other external factors that affect the entity and its environment. This helps you identify those factors and how they may be a source of risk. You’ll not only find targeted discussion of new developments and considerations, but also a look at what’s in the pipeline that may affect your engagements.

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