Risk Assessment for Non-Profit Organizations

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Risk Assessment for Non-Profit Organizations with less than $10 Million in Revenues

Reviewed

November, 2023

Megan Angle

Learning Objectives

To demonstrate and document understanding of client environments and internal controls
To identify and assess risk for the entity based on the understanding of the client.
To design appropriate response procedures to the risk assessed.

Course Description

Recent auditing standards have emphasized the initial information gathered and important conclusions reached during risk assessment procedures to identify and evaluate the risk of material misstatement in a financial statement audit. These important procedures provide the basis for determining how much effort will be invested in evaluating the design and implementation of internal controls.

Risk assessment is one of the main areas that Peer Review has been focused on since the AICPA announced in 2019 that approximately 10% of affirms had engagements that didn’t comply with the auditing risk assessment requirements.

So how do you effectively meet the risk assessment requirements on smaller NFP organizations?

This webinar will take you through

The standards
The requirements
A practical approach and
Real situations.

Overview

AICPA Enhancing Audit Quality Initiative

3 mins
Understanding

14 mins
Identify & Assess Areas of Risk

47 mins
Overall Financial Statement Risk.

85 mins
Responding to Risks

117 mins
Practice Aid Usage Issues

143 mins

Webinar Qualifies For

4 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
4 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
4 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
4 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
4 CPE Credit of Auditing for Certified Management Accountants (CMA)
4 CPE Credit of Audit Risk for Certification in Risk Management Assurance (CRMA)
4 CPD Credit of Auditing for Certified Financial Forensics (CFF)
4 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
4 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
4 CPE Credit for Certified Internal Controls Auditor (CICA)
4 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
4 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
4 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
4 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)
4 CPE Credit for Certified Controls Specialist (CCS)

About Instructor

Megan Angle

Partner, Porte Brown

Megan Angle is a Partner with Porte Brown’s not-for-profit and audit & review services teams in the Elk Grove Village office. She has more than twelve years of experience providing tax consulting, accounting, and audit services for individuals, nonprofit organizations, and closely held businesses. She co-leads Porte Brown’s Not-for-Profit team and is also an integral leader of Porte Brown’s Audit Services team. Since the pandemic hit, Angle has been heavily involved with assisting clients with the ins and outs of the Paycheck Protection Program (PPP) and related COVID-19 business stimulus programs. Megan is the Chair of the Illinois CPA Society’s Not for Profit Committee, Board President for the Tri-Town YMCA and is a board member with her local chamber of commerce among other involvements. Prior to joining Porte Brown, Angle had 4 years of industry experience working for a Not-for-Profit organization while completing her college education. As such, she brings a unique perspective to her work. Megan lives in the Chicagoland suburbs with her husband and two children.

Additional Information

Duration

4 Hours

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

4.5

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Average

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Cole Beaudin, CPA (US)

Loved it!

Margaret Wilson, CPA (US)

The instructor explained things very well.

Kevin Norton, CPA (US)

Very informative course!

Daniel Regan, CPA (US)

The instructor was obviously very knowledgeable about the subject material, but it did not cater to kinesthetic and visual learners like me. There were times where the instructor spent so much time on one slide it was difficult to concentrate on the subject material. Additionally, financial statements she referred to were not available in the self-study format. She did a great job in providing structure and a roadmap for the presentation.