Part 1: Not-For-Profit entities are challenged with many unique accounting issues. This course reviews ASUs directly or indirectly impacting nonprofit entities and it features a deep dive into
Part 1: Not-For-Profit entities are challenged with many unique accounting issues. This course reviews ASUs directly or indirectly impacting nonprofit entities and it features a deep dive into ASU 2018-08 and its impact on revenue recognition for grants and other contracts including application for Paycheck Protection Program (PPP). As we turn from accounting to auditing, we will look at recent changes in auditing and attestation standards that will impact NFPs. We also examine the latest developments in OMB and Yellow Book requirements including GAGAS alerts regarding COVID19 so that you are aware of the latest standards impacting your NFP related practice. Part 2: This course covers the important changes to Yellow Book as well as Single Audits. We will review the major changes auditors need to understand when performing audits under GAGAS (aka Yellow Book or Government Auditing Standards). Areas of focus include the updated independence requirements, form and organization of the guidance, and quality control. We will then switch gears and cover the Uniform Guidance to provide participants with the information they need to properly perform and document a Single Audit under the Uniform Grant Guidance. We’ll focus on considerations that will impact current audits including the most recent compliance supplement including a discussion of the impact of COVID on Single Audits. Attendees will review the new changes to the Uniform Guidance that were recently issued to help attendees be prepared for their Single Audits.
(Thursday) 7:30 am - 3:30 pm EST
Georgia Society of CPAs