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PPC's Guide to Audits of Nonprofit Organizations takes the guidance in our PPC's Guide to Audits of Nonpublic Companies and tailors it to the unique characteristics of nonprofit organizations. The Guide includes all of the guidance and practice aids you need to help you perform your nonprofit organization audits, compilations, reviews, and Single Audits efficiently while still meeting professional standards. Rather than just telling you what the standards say, this Guide includes real-life scenarios, examples, and practical considerations that reduce the technical language of official pronouncements to easy-to-understand advice and procedures, helping you address almost every situation you might encounter in a nonprofit organization engagement. The forms and checklists are streamlined to provide you maximum efficiency for complying with professional standards and peer review requirements. This Guide also includes numerous example reports.
Important Information for 2009 Edition:
Clarified and Streamlined Audit Process and Tools.Customer feedback indicates that there is sometimes confusion over what practice aids are considered necessary in an audit engagement. We have added a tool that distinguishes between forms that are used in most engagements to meet audit documentation requirements and those forms that are considered supplementary.We also have provided guidance on how memos or alternative documentation methods may be used to document the required information and how information from the planning forms flows to performing a risk assessment and tailoring the audit programs.We streamlined the planning process by combining two of the 2008 forms, NPO-CX-3.1 and NPO-CX-6.1, into a new form.On this combined form, auditors will gather information about the entity, identify potential risks, and determine if any of the identified potential risks need to be carried forward to NPO-CX-7.1, “Risk Assessment Summary Form” and, if applicable, NPO-CX-7.3, “Risk of Material Noncompliance Assessment Worksheet—Federal Award Programs.”
Expanded Guidance on Understanding Internal Control.Obtaining a sufficient understanding of internal control is a critical requirement of the risk assessment standards that may involve considerable effort.You have indicated this is one of the most difficult areas to implement.We’ve responded by expanding our practical guidance on understanding the design and implementation of internal control.For example, your Guide provides additional focus and guidance on control objectives that address financial statement assertions and examples to assist you in identifying key controls that achieve those objectives. Our practical, step-by-step guidance will help you navigate the process of understanding your client’s controls effectively and efficiently.
Revised Guidance and Tools for Communicating Significant Deficiencies in Internal Control. In October 2008, the AICPA issued SAS No. 115, Communicating Internal Control Matters Identified in an Audit, which supersedes SAS No. 112 for audits for periods ending on or after December 15, 2009, with early implementation permitted. Among other things, the new SAS revises the definitions of “significant deficiencies” and “material weaknesses” in internal control. We’ve updated your guidance and tools for the new SAS, including a revised internal control deficiency evaluation worksheet and revised communications.
Communications with Those Charged with Governance. SAS No. 114, The Auditor’s Communication with Those Charged with Governance, requires communication of the auditor’s responsibilities under GAAS and the planned scope and timing of the audit to those charged with governance. These matters may be communicated in the engagement letter if that letter is provided to those charged with governance.However, the auditor may use a separate communication, which also provides an opportunity for additional interaction with the entity’s governing body.We’ve provided an illustrative letter that may be used to communicate separately with those charged with governance during audit planning.
Revised Sampling Guidance and Tools. We have updated and expanded your guidance and tools for the 2008 revision of the AICPA Audit and Accounting Guide, Audit Sampling, including new guidance on sample sizes for small populations and infrequently operating controls.
FASB Accounting Standards Codification References.As this edition of the Guide went to press, the FASB was well into the verification phase of their massive Codification project.The FASB Accounting Standards Codificationis designed to present all the authoritative U.S. accounting and financial reporting literature in a single, integrated offering.Users of accounting and financial reporting literature will now have to become familiar with a whole new reference system.To help you with this transition, we have provided a summary of the project and integrated FASB Codification references throughout this Guide.
New Authoritative Literature. Your Guide has been updated for new authoritative literature, including FSP FAS 117-1, Endowments of Not-for-ProfitOrganizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures for All Endowment Funds, and several new auditing interpretations and technical practice aids, to make sure you apply the latest guidance in your audits.
Revised and Expanded Guidance on Single Audits. Your Guide includes significantly revised and expanded guidance on understanding and testing internal controls over compliance and on testing compliance, including how the risk assessment standards impact what you should do in a Single Audit. The chapters and practice aids have been updated for the most currently available guidance and requirements for Single Audits from the AICPA, GAO, and OMB. For example, the Data Collection Form Checklist has been updated to reflect new requirements for completing and filing the 2008 form and reporting package, including mandatory electronic submission requirements.
Updated Disclosure Checklist.We’ve updated our disclosure checklist to help ensure that your clients’ financial statements are accurate and complete.
TOC for NPO
INTRODUCTORY MATERIAL
PREFACE
PEER REVIEW OF THIS GUIDE
HOW TO USE THE GUIDE
ACKNOWLEDGMENTS
ACKNOWLEDGMENT OF COPYRIGHTS
ABOUT THE AUTHORS . . .
LIST OF SUBSTANTIVE CHANGES AND ADDITIONS
CHAPTER 1: BACKGROUND INFORMATION
100 INTRODUCTION
What Is a Nonprofit Organization?
IRS Definition.
Types of Nonprofit Organizations
IRS Classification.
FASB Classification.
Voluntary Health and Welfare Organizations
SFAS No. 117 (FASB ASC 958) and Audit Guide Definition.
Guidance in the Black Book.
Example Voluntary Health and Welfare Organizations.
Other Organizations Concentrating on Health, Welfare, or Community Services.
Classification of National Headquarters May Differ.
Governmental Nonprofit Organizations
The Effect of GASB Statement No. 34 on Governmental Nonprofit Organizations.
Nonprofit Organizations Covered and Not Covered by This Guide
101 SIMILARITIES BETWEEN NONPROFIT ORGANIZATIONS AND BUSINESS ENTERPRISES
102 DIFFERENCES BETWEEN NONPROFIT ORGANIZATIONS AND BUSINESS ENTERPRISES
Differences in Organizational Goals
Differences in Sources and Uses of Resources
Grants.
Payment for Providing Goods or Services.
Support from Members.
Support from the General Public.
Revenue from Investments.
Multiple Methods or Sources of Funding.
Differences between Resource Providers and Beneficiaries.
Different Measurement of Performance
No Single Performance Indicator.
More Complex Measurement.
Personnel and Management Differences
Volunteer Governing Boards.
Restrictions on Recruitment, Hiring, and Compensation.
Job Security and Turnover.
Employee Training and Skills.
Volunteer Personnel.
Differences in Accounting and Control Matters
Importance of Budgetary Accounting.
Determining Fiscal Year.
Cash or In-kind Matches.
Other Budget and Funding Source Requirements.
Different Constraints on Activities
Eligibility Requirements.
IRS Requirements.
Funding Source Requirements.
State Fund-raising Requirements.
103 EFFECT OF DIFFERENCES ON THE AUDIT
104 AUTHORITATIVE LITERATURE
General Literature
Specific Accounting Literature
Hierarchy of Accounting Literature
FASB Codification Project
Resulting Changes.
Project Timing.
Changes to This Guide for the Codification.
Specific Auditing Literature
Hierarchy of Auditing Literature
Auditing Standards.
Interpretive Publications.
Other Auditing Publications.
Clarity Project of the Auditing Standards Board
Specific Ethics Literature
Specific Government Pronouncements
105 ACCOUNTING STANDARDS FOR NONPROFIT ORGANIZATIONS
History
Objectives of Nonprofit Accounting and Financial Reporting
Fund Accounting
GAAP Requirements for Presentation of Financial Statements by Fund.
Basis of Accounting
106 FINANCIAL STATEMENTS OF NONPROFIT ORGANIZATIONS
Basic Financial Statements
Financial Statement Format
107 CURRENT DEVELOPMENTS
Sarbanes-Oxley Act of 2002
Requirements for All Entities.
Impact on the Nonprofit Environment.
Current Developments in Nonprofit Accounting and Auditing Standards
AICPA Audit and Accounting Guide.
Consolidation and Related Matters.
Business Combinations.
Other Projects.
Proposed Legislation
Senate Finance Committee Proposals for Board Governance.
The Panel on the Nonprofit Sector Proposals for Board Governance.
Other Governance and Accountability Standards
108 AUDIT REQUIREMENTS OF NONPROFIT ORGANIZATIONS
Reasons for Audits of Nonprofit Organizations
Requirements of GAAS Related to Compliance with Laws and Regulations
Government Auditing Standards
Government Auditing Standards, 2007 Revision.
The Yellow Book's Ethical Principles.
Yellow Book Independence Requirements.
Yellow Book Competence and Continuing Education Requirements.
Yellow Book Communication Requirements.
Yellow Book Professional Judgment Requirements.
Yellow Book Reporting Requirements.
Yellow Book Quality Control and Assurance Requirements.
Single Audit Requirements
June 2007 Revisions to OMB Circular A-133 and Other Current Developments.
Revised Single Audit Report Illustrations.
Audit Deficiencies Related to Single Audits
Resources for Auditors
109 THE PPC AUDIT PROCESS
Practice Aids
110 ORGANIZATION OF THIS GUIDE
Chapter 2--Pre-engagement Activities
Chapter 3--Risk Assessment Procedures and Planning
Chapter 4--Assessing Risks and Developing the Detailed Audit Plan
Chapter 5--Substantive Procedures
Chapter 6--Testing Internal Control
Chapter 7--Audit Sampling in a Nonprofit Organization Audit Engagement
Chapter 8--Audit Documentation
Chapter 9--Special Accounting and Auditing Considerations for Nonprofit Organizations
Chapters 10--Tax Considerations in Audits of Nonprofit Organizations
Chapter 11--Concluding the Audit
Chapter 12--Financial Statements of Nonprofit Organizations
Chapter 13--Auditor's Reports
Chapter 14--Single Audits
Chapter 15--Compilation and Review Procedures
Practice Aids
111 OVERVIEW OF THE RISK ASSESSMENT STANDARDS
What Is Risk Assessment?
Planning Is the Key.
Risk Assessment Standards
Key Provisions of the Standards.
Key Provisions in the Risk Assessment Standards and How They Differ from Current Standards.
Terminology
Audit Strategy.
Audit Plan.
Relevant Assertions.
Significant Risks.
Risk Assessment Procedures.
Risk of Material Misstatement.
Further Audit Procedures.
Other Terms.
CHAPTER 2: PRE-ENGAGEMENT ACTIVITIES
200 INTRODUCTION AND AUTHORITATIVE LITERATURE
Authoritative Literature
201 CLIENT ACCEPTANCE AND CONTINUANCE
Risk-based Perspective
Client Acceptance: A Step-by-Step Process.
Prospective Client's Reputation
Sources of Information.
Communication with a Predecessor.
Assessment of Required Services
Independence Requirements--GAAS
Nonattest Services.
Should Proposing Journal Entries and Preparing Financial Statements in Connection with an Audit be Viewed as Bookkeeping and, Therefore, Nonattest Services?
Additional Questions in Applying Interpretation 101-3.
Internal Control Considerations--Property and Equipment
Internal Control Considerations--Collections
Auditing Considerations--Property and Equipment
Auditing Considerations--Depreciation
Auditing Considerations--Collections
Obtain an Understanding of Controls.
Review Donor Restrictions.
Consider Physical Inspection.
Common Property and Equipment Fraud Schemes, Symptoms, and Related Audit Responses
910 DEBT AND OTHER LIABILITIES
Accounting and Auditing Considerations
Loans Made in Lieu of Grants.
Guarantees.
Overauditing and Underauditing Tendencies for Debt and Other Liabilities
Common Debt and Other Liabilities Fraud Schemes, Symptoms, and Related Audit Responses
911 NET ASSETS
FASB's Not-for-Profit Endowments Project
Reclassifications
Designations
Auditing Considerations
912 STATEMENT OF ACTIVITIES ACCOUNTS
Overauditing and Underauditing Tendencies for Statement of Activities Accounts
Common Cash Disbursement Fraud Schemes, Symptoms, and Related Audit Responses
CHAPTER 10: TAX CONSIDERATIONS IN AUDITS OF NONPROFIT ORGANIZATIONS
1000 FORMATION OF A TAX-EXEMPT ORGANIZATION
Introduction
Increased Scrutiny and Oversight of Nonprofit Organizations
Scrutiny by Congress.
Recommendations from the Panel on the Nonprofit Sector.
Pension Protection Act of 2006 (PPA 06).
Other Recent Legislation.
Internal Revenue Service
The Tax Exempt and Government Entities (TE/GE) Division.
Obtaining Information.
IRS Website.
Publications.
IRS Enforcement Actions.
Impact of National Disasters.
Basis of Tax Exemption.
Publication 78.
Obtaining Tax Exemption
Changes to the Advance-ruling Period.
IRS Management of the Determination Process.
1001 OPERATION OF A TAX-EXEMPT ORGANIZATION
Limitations and Requirements on Exempt Organizations
No Private Inurement.
Penalties against Individuals.
Lobbying Activities.
Political Intervention.
Public Advocacy.
Bipartisan Campaign Reform Act of 2002.
Section 527 Political Organizations.
Other Lobbying Disclosure Rules.
Annual Filing Requirements.
Disclosure Requirements.
Some Special Considerations for Form 990.
Key Changes Related to New Form 990.
Notification to Contributors about Tax Deductibility of Contributions
Nondeductible Contributions.
Written Acknowledgment of Contributions.
Substantiation Requirements for Payroll-based Contributions.
Donations of Property Valued at More Than $5,000.
Requirement to Notify the IRS of Dispositions of Contributed Property.
Qualified Intellectual Property Contributions.
Quid Pro Quo Contributions.
Abuse of Charitable Donations.
Voluntary Disclosures.
1002 PUBLIC CHARITY VERSUS PRIVATE FOUNDATION
Advantages of Public Charity Status
Private Foundations
Disadvantages of Private Foundation Status.
Excise Tax on Investment Income.
Minimum Required Distribution of Income.
Excess Business Holdings.
Prohibited Transactions.
1003 UNRELATED BUSINESS INCOME TAX
Classifying Income
Related Income.
Unrelated Business Income.
Exclusions from Unrelated Business Income.
Computation of Tax on Unrelated Business Income
Carrying over Unrelated Net Operating Losses
Special Considerations for Social Clubs
Corporate Sponsorship Payments
Associate Members' Dues
Investments in S Corporations
Payments from Subsidiaries
Ancillary Services
Real Estate Transactions
Affinity Cards
Mailing List Sales
1004 OTHER TAX EXEMPTIONS
1005 STATE AND LOCAL FILING CONSIDERATIONS
Filing Requirements
Fund-raising
State Enforcement Action
Local Government Laws and Regulations
1006 IRS EXAMINATIONS
The 2009 IRS TE/GE Division Priority Guidance Plan-EO Implementing Guidelines
Automobile Donation Programs
IRS Scrutiny of Fund-raising Expenses
403(b) Tax-sheltered Annuity Plans and 457 Deferred Compensation Plans
Social Clubs
Tax-exempt Bonds
Charitable Split-dollar Insurance Plans
Other Current Developments and Areas of IRS Interest
1007 TAX CONSIDERATIONS DURING THE AUDIT
Tax Planning
Use of Websites
Recording Tax Provisions
Treatment and Disclosure of Tax-related Uncertainties or Disclosures
Compliance with Tax Laws
Filing Federal and State Reports and Returns
Understanding State Regulations and Requirements
Practice Aids on Tax Considerations
CHAPTER 11: CONCLUDING THE AUDIT
1100 INTRODUCTION AND AUTHORITATIVE LITERATURE
Authoritative Literature
1101 COMMITMENTS AND CONTINGENCIES
Accounting Standards
Commitments.
Contingencies.
Guarantees.
Audit Procedures
1102 ENVIRONMENTAL REMEDIATION LIABILITIES
Applicability to Nonprofit Organizations
Accounting Standards
Audit Procedures
1103 LAWYERS' LETTERS
Pending or Threatened Litigation
Dating of Lawyer's Response
Materiality Limit in the Legal Request
Unasserted Claims
Lawyer's Letter Requests and SOP 94-6
Other Matters
Client Has Not Consulted a Lawyer
Evaluating Lawyers' Responses
1104 MANAGEMENT REPRESENTATION LETTER
Reasons for Obtaining Letter
Written Representations to Be Obtained
Audit Adjustments
Modifications for a Nonprofit Organization
Modifications from the Audit Guide.
Other Modifications.
Alternative Wording.
Materiality
Periods Covered by the Letter
Signatures on the Representation Letter
Dating of the Letter and Updating Letters
Updating Letters.
Reliance on Management's Representations
1105 SUBSEQUENT EVENTS REVIEW
Types of Subsequent Events
Subsequent Events Review Procedures
Proposed SFAS on Subsequent Events
1106 RELATED PARTIES
Accounting Standards
Audit Procedures
Related Party Transactions and Fraud.
1107 GOING CONCERN CONSIDERATIONS
Evaluating the Entity's Ability to Continue as a Going Concern
Assessing Results of Audit Procedures
Conditions and Events
Consideration of Management Plans
Procedures When There Is Substantial Doubt
Documentation Requirements.
Proposed SFAS on Going Concern
1108 RISKS AND UNCERTAINTIES
Scope and Applicability
Applicability.
OCBOA Financial Statements.
Excluded Items.
Disclosures about Risks and Uncertainties
Nature of Operations.
Use of Estimates.
Certain Significant Estimates.
Current Vulnerability Due to Concentrations.
Summary of Disclosure Requirements.
Wording the Disclosures.
Audit Procedures
Risk-reduction Techniques.
Lawyers' Letters.
Current Vulnerability Due to Concentrations.
1109 ACCOUNTING ESTIMATES AND FAIR VALUE
Auditing Accounting Estimates
Auditing Fair Value Measurements and Disclosures
Fair Value Measurements and Disclosures.
Auditing Fair Value Measurements and Disclosures.
1110 CONSIDERING THE ACCUMULATED RESULTS OF AUDIT PROCEDURES
Reevaluating Risk Assessments
Evaluating Significant Unusual Transactions
Considering the Application of Significant Accounting Principles for Bias
Documentation Requirements
Evaluating the Existence of Fraud
Fraud Risk Assessment Is a Cumulative Process.
Required Procedures.
1111 ANALYTICAL PROCEDURES AND REVIEW OF WORKPAPERS
Analytical Procedures
Review of Workpapers
Detailed Review of Audit Work.
Supervisory Review.
Review Checklists.
Sole Practitioners.
Tax Department Review.
Engagement Quality Control Review.
Is Workpaper Review Required before Dating the Auditor's Report?
1112 SUMMARIZATION AND EVALUATION
Categories for Evaluation
Audit Differences
Known and Likely Misstatements.
Communication of Misstatements to Management.
Evaluating Audit Differences
Offsetting of Misstatements.
Trivial Misstatements.
Evaluating Estimates.
Different Levels for Different Amounts, Subtotals, or Totals.
Qualitative Considerations.
Overall Evaluation.
Evaluating the Existence of Fraud
Evaluating Noncompliance and Abuse--Government Auditing Standards Requirements
Documentation Requirements
Summary of Audit Differences
Treatment of Prior-year Waived Adjustments.
Applying the Rollover and Iron Curtain Methods.
Workpaper Format for Summary.
Evaluation of Overall Materiality
Analysis of Audit Time
Consultation on Technical Issues
1113 DRAFTING FINANCIAL STATEMENTS AND THE AUDITOR'S REPORT
Government Auditing Standards Requirements
SAS No. 112 Considerations
Drafting Financial Statements
Disclosure Checklist
Drafting the Auditor's Report
1114 REPORT ISSUANCE AND CLIENT COMMUNICATIONS
Discussion with Management
Unresolved Issues.
Internal Control Related Matters, Errors, and Fraud.
Other Matters.
Communicating Internal Control Related Matters
Communicating Internal Control Related Matters under SAS No. 112
Identifying Control Deficiencies.
Evaluating Control Deficiencies.
Significant Deficiency.
Material Weakness.
Examples of Deficiencies.
Factors to Consider When Evaluating Control Deficiencies.
Can the Auditor Draft the Financial Statements?
Auditor Identifies a Material Misstatement.
Aggregation of Deficiencies.
Mitigating Effects of Compensating Controls.
Redundant Controls.
Prudent Official Test.
SAS No. 112 Control Deficiency Evaluation and Aggregation Worksheet.
Control Deficiency Comment and Management Point Development Worksheet.
Communication Requirements.
Contents of the Communication.
Reporting When There Are No Significant Deficiencies.
Reporting When There Are No Material Weaknesses.
Illustrative Communications.
Yellow Book Reporting Requirements.
Management's Response.
Management Letter Comments.
Additional Guidance on SAS No. 112.
Communicating Internal Control Related Matters under SAS No. 115
Definitions.
Examples of Deficiencies.
Identifying Control Deficiencies.
Evaluating Control Deficiencies.
Aggregation of Deficiencies.
Mitigating Effects of Compensating Controls.
Qualitative Considerations.
Prudent Official Test.
Control Deficiency Evaluation and Aggregation Worksheet.
Control Deficiency Comment and Management Point Development Worksheet.
Practice Issue #1--Can the Auditor Draft the Financial Statements?
Practice Issue #2--Auditor Identifies a Material Misstatement.
Communication Requirements.
Contents of the Communication.
Reporting When There Are No Significant Deficiencies.
Reporting When There Are No Material Weaknesses.
Illustrative Communications.
Yellow Book Reporting Requirements.
Management's Response.
Management Letter Comments.
Additional Guidance on SAS No. 115.
Communication with Those Charged with Governance
Matters to Be Communicated.
The Auditor's Responsibilities under GAAS.
Planned Scope and Timing of the Audit.
Significant Findings from the Audit.
Timing of the Communication.
Forms of Communication.
Evaluation of the Adequacy of the Auditor's Communication.
Documentation of Communications.
Fraud and Illegal Acts
Communications about Possible Fraud or Illegal Acts
Communications about Fraud, Illegal Acts, Noncompliance, and Abuse--Government Auditing Standards Requirements
Reporting Directly to Outside Parties.
Use of Management Letters.
Communication about the Entity's Ability to Continue as a Going Concern
1115 ENGAGEMENT SUMMARY MEMORANDUM (ESM)
Content of the ESM
Background Information.
Recap of Risk Assessments.
Summary of Financial Results.
Significant Accounting and Auditing Issues.
Review Performed by the Engagement Partner.
Summary of Audit Differences.
Summary of Significant Deficiencies and Material Weaknesses.
Subsequent Events.
Opinion.
Report Release Date and the Documentation Completion Date.
Subsequent Revisions to Workpapers.
Signing the ESM.
Specialized Considerations for Nonprofit Organizations.
1116 SUBSEQUENT DISCOVERY OF FACTS EXISTING AT DATE OF REPORT
Government Auditing Standards Requirements
Consideration of Omitted Procedures
Documentation Requirements.
1117 WORKPAPER FINALIZATION AND RETENTION
Assembling and Completing the Audit File
Documentation Completion Date
Workpaper Retention
CHAPTER 12: FINANCIAL STATEMENTS OF NONPROFIT ORGANIZATIONS
1200 INTRODUCTION
1201 FINANCIAL STATEMENT REQUIREMENTS
Statement of Financial Position
Statement of Activities
Statement of Functional Expenses
Statement of Cash Flows
1202 PREPARING FINANCIAL STATEMENTS
Financial Statement Format
Statement of Financial Position.
Statement of Activities.
Statement of Cash Flows.
Statement of Functional Expenses.
Fund Accounting.
Comparative Financial Statements.
Notes to Financial Statements
Nonaccounting Data in Financial Statements
OCBOA Financial Statements
Guidance in the Interpretation.
Income Tax Basis Financial Statements.
SFAS No. 117 and OCBOA Financial Statements.
Other Special Purpose Presentations
1203 TREATMENT OF AFFILIATED ORGANIZATIONS AND OTHER RELATED ENTITIES
Definition of Affiliated Organizations
Authoritative Literature
Controlling Financial Interest in For-profit Entity.
Less Than Majority Voting Interest in For-profit Entities.
Financially Interrelated Nonprofit Entities.
New Guidance on Consolidation and Equity Method Accounting.
Combined (Rather Than Consolidated) Financial Statements.
Separate Financial Statements of a Component of a Nonprofit Organization
1204 ILLUSTRATIVE FINANCIAL STATEMENTS
Illustrations in SFAS No. 117
Financial Statements in This Guide
Illustrative Examples.
Schedule of Federal Awards.
Note Illustrations
APPENDIX 12A: Financial Statements with Information about Liquidity and Financial Flexibility Included in the Notes to the Financial Statements
APPENDIX 12B: Sequenced Statements of Financial Position
APPENDIX 12C: Classified Statements of Financial Position
APPENDIX 12D: Multiple Column Statement of Activities
APPENDIX 12E: Example Financial Statements--Organization Other than a Voluntary Health and Welfare Organization
CHAPTER 13: AUDITOR'S REPORTS
1300 INTRODUCTION AND AUTHORITATIVE LITERATURE
Authoritative Literature
General.
Specific to Nonprofit Organizations.
Recent Developments in Reporting Guidance
SAS No. 115.
1301 STANDARD REPORT ON BASIC GAAP FINANCIAL STATEMENTS OF NONPROFIT ORGANIZATIONS
Standard Report--Voluntary Health and Welfare Organization
Standard Report--Other Nonprofit Organization
Schedule of Functional Expenses Presented as Additional Information.
Statement of Functional Expenses Presented as a Basic Financial Statement.
Explanatory Paragraph Required for Changes Affecting Consistency
Adoption of New Accounting Principles.
Other Changes Affecting Consistency.
Standard Report on Financial Statements Issued In Accordance with Government Auditing Standards or in a Single Audit
Single Audit Report Considerations.
Comparative Financial Statements
Comparative Totals.
Disclosures and Report Modifications Related to Prior Year Summarized Information.
Comparative Statements When Previous Year Has Been Audited by Other Auditors.
Combined or Consolidated Financial Statements
Reference to Other Auditor.
Reporting on Financial Statements Covering Periods Less Than 12 Months (Change in Fiscal Year End)
Reporting on Financial Statements Covering Periods Longer Than 12 Months
Auditor's Report Date
Report Release Date
Part of an Audit Performed in Accordance with International Standards on Auditing
Reporting When the Audit Is Performed in Accordance with International Standards on Auditing
Reporting on Financial Statements Prepared in Conformity with International Financial Reporting Standards
1302 MODIFICATIONS OF THE STANDARD REPORT
GAAP Departures
Improper Accounting for Donated Property.
Failure to Record Donated Securities.
Improper Functional Allocation of Expenses.
Failure to Adopt SFAS No. 117.
Scope Limitations
Qualified Opinion because of a Scope Limitation.
Disclaimer of Opinion because of a Scope Limitation.
Report Modification Because of an Uncertainty
Uncertainties Other Than Going Concern Uncertainties.
Reporting When There Are Going Concern Uncertainties.
Modification Required When the Nonprofit Organization Is Dissolved
1303 REPORTS ON BASES OF ACCOUNTING OTHER THAN GAAP
Reports on Cash Basis Statements
Reports on Regulatory Basis Statements
Report on Regulatory Basis Financial Statements That Are Intended Solely for Regulatory Filing.
Report on Regulatory Basis Financial Statements That Are Not Limited to Use in Regulatory Filings.
Reports on Financial Statements Included in IRS Form 990
Report on Form 990 Statements That Are Intended Solely for Regulatory Filings.
Report on Form 990 Statements That Are Not Limited in Use.
Can Form 990 Financial Statements Be Reported on as Tax Basis Financial Statements?
Reporting on the Other Information in Form 990.
Is Fund Accounting an Acceptable OCBOA for Nonprofit Organizations?
Reports on Income Tax Basis Statements
1304 REPORTING ON ADDITIONAL INFORMATION
Budget Information in Auditor-submitted Documents
Additional Information in Auditor-submitted Documents
Reporting on Charts and Graphs.
Other Information in Client-prepared Documents
Condensed Financial Information in Client-prepared Documents
Other Information in Electronic Sites Containing Audited Financial Statements
1305 REPORT ON SPECIAL PRESENTATION
Basis of Accounting Prescribed in an Agreement
1306 REPORTS ON COMPONENTS OF A NONPROFIT ORGANIZATION
Report on a Branch
1307 REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS REQUIRED BY GOVERNMENT AUDITING STANDARDS
Reporting on Internal Control
GAO Interim Guidance on Reporting Control Deficiencies under SAS No. 115.
Reporting on Compliance with Laws and Regulations
Reporting Views of Responsible Officials
Reporting on Other Matters
Management Letters
Other Auditors
Part of Reporting Entity Does Not Have a Yellow Book Audit
Report Examples
Report with No Reportable Instances of Noncompliance or Other Matters and No Material Weaknesses or Significant Deficiencies.
Report with Reportable Instances of Noncompliance and Other Matters and Significant Deficiencies but No Material Weaknesses.
Reports Incorporating SAS No. 115 Definitions.
1308 REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-133
SAS No. 112 Considerations
Reporting on Compliance with Major Program Requirements
Reporting on Internal Control over Major Program Compliance
Report Examples
Report with Unqualified Opinion on Compliance and No Material Weaknesses or Significant Deficiencies.
Report with Qualified Opinion on Compliance and Significant Deficiencies and Material Weaknesses.
1309 MANAGEMENT LETTERS
What Are Management Points?
Example Management Letter
Government Auditing Standards
Introductory Content of the Management Letter.
APPENDIX 13A: Standard Report on Basic GAAP Financial Statements
APPENDIX 13A-1: Standard Report--Voluntary Health and Welfare Organization
APPENDIX 13A-2: Standard Report--Other Nonprofit Organization
APPENDIX 13A-3: Standard Report--Additional Information in an Auditor-submitted Document Included in the Standard Report--Other Nonprofit Organization
APPENDIX 13A-4: Standard Report--Additional Information in an Auditor-submitted Document--Separate Report
APPENDIX 13A-5: Standard Report on Financial Statements and on the Supplementary Schedule of Expenditures of Federal Awards Issued in Accordance with Government Auditing Standards or in a Single Audit
APPENDIX 13A-6: Standard Report on Comparative Financial Statements--Other Nonprofit Organization
APPENDIX 13A-7: Standard Report on Comparative Financial Statements with Prior Year Summarized Information--Other Nonprofit Organization
APPENDIX 13A-8: Standard Report on Combined or Consolidated Financial Statements--Other Nonprofit Organization
APPENDIX 13A-9: Combined or Consolidated Financial Statements--Other Nonprofit Organization--Reference to Other Auditor
APPENDIX 13A-10: Reporting on Financial Statements Covering Periods Less Than 12 Months (Change in Fiscal Year End)--Other Nonprofit Organization
APPENDIX 13B: Modifications of the Standard Report
APPENDIX 13B-1: GAAP Departures--Improper Accounting for Donated Property--Other Nonprofit Organization
APPENDIX 13B-2: GAAP Departures--Failure to Record Donated Securities--Other Nonprofit Organization
APPENDIX 13B-3: GAAP Departures--Improper Functional Allocation of Expenses--Voluntary Health and Welfare Organization
APPENDIX 13B-5: Scope Limitations--Qualified Opinion because of a Scope Limitation--Other Nonprofit Organization
APPENDIX 13B-6: Scope Limitations--Disclaimer of Opinion because of a Scope Limitation--Other Nonprofit Organization
APPENDIX 13B-7: Scope Limitations--Disclaimer of Opinion because of a Scope Limitation--Voluntary Health and Welfare Organization
APPENDIX 13B-8: Report Modification Because of an Uncertainty--Going Concern Uncertainty--Voluntary Health and Welfare Organization
APPENDIX 13B-9: Report Modification Because of an Uncertainty--Disclaimer of Opinion Due to Going Concern Uncertainty--Voluntary Health and Welfare Organization
APPENDIX 13C: Reports on Bases of Accounting Other Than GAAP
APPENDIX 13C-1: Report on Cash Basis Statements
APPENDIX 13C-2: Report on Statement of Cash Receipts and Disbursements
APPENDIX 13C-3: Report on Regulatory Basis Financial Statements That Are Intended Solely for Regulatory Filing
APPENDIX 13C-4: Report on Regulatory Basis Financial Statements That Are Not Limited to Use in Regulatory Filing
APPENDIX 13C-5: Report on Form 990 Statements That Are Intended Solely for Regulatory Filing
APPENDIX 13C-6: Report on Income Tax Basis Statements
APPENDIX 13D: Report on Condensed Financial Information on Client-prepared Documents
APPENDIX 13E: Report on Basis of Accounting Prescribed in an Agreement
APPENDIX 13F: Report on a Branch--Other Nonprofit Organization
APPENDIX 13G: Reports on Internal Control over Financial Reporting and on Compliance and Other Matters Required by Government Auditing Standards
APPENDIX 13G-1: Government Auditing Standards Report with No Reportable Instances of Noncompliance or Other Matters and No Material Weaknesses or Significant Deficiencies
APPENDIX 13G-2: Government Auditing Standards Report with Reportable Instances of Noncompliance and Other Matters and Significant Deficiencies but No Material Weaknesses
APPENDIX 13H: Reports on Compliance with Requirements Applicable to Each Major Program and Internal Control over Compliance Required by OMB Circular A-133
APPENDIX 13H-1: Single Audit Report with Unqualified Opinion on Compliance and No Material Weaknesses or Significant Deficiencies
APPENDIX 13H-2: Single Audit Report with Qualified Opinion on Compliance and Significant Deficiencies and Material Weaknesses
APPENDIX 13I: Illustrative Management Letter
CHAPTER 14: SINGLE AUDITS
1400 INTRODUCTION AND AUTHORITATIVE LITERATURE
The Development of Compliance Auditing for Nonprofit Organizations
Authoritative Literature
Government Pronouncements.
PPC's Government Documents Library.
Website.
Government Documents.
How to Obtain Government Documents.
Electronically Accessible Audit Information.
AICPA Professional Resources.
Current AICPA and GAO Developments.
Current OMB Developments.
Current Audit Quality Developments.
1401 APPLICABILITY OF THE SINGLE AUDIT
Federal Awards and the Expenditure Threshold
Nonfederal Entities.
Federal Awards.
Federal Financial Assistance.
Audit Threshold.
Determining the Amount of Federal Awards Expended
Basis for Determining Federal Awards Expended.
Determining the Amount of Noncash Assistance Expended.
Audit Frequency and Periods Covered
Frequency of the Audit.
Period to Be Included.
1402 THE COGNIZANT OR OVERSIGHT AGENCY FOR AUDIT
Cognizant Agency for Audit
Responsibilities of the Cognizant Agency for Audit.
Oversight Agency for Audit
Responsibilities of the Oversight Agency for Audit.
1403 OBJECTIVES AND SCOPE OF THE SINGLE AUDIT
Objectives
Primary Objectives.
Specific Objectives.
Scope
Major Federal Award Programs
Program Identification.
Cluster of Programs.
Single Audit Risk-based Approach.
Step 1--Identify Type A and Type B Programs.
Treatment of a Loan or Loan Guarantee Program.
Step 2--Identify Low-risk Type A Programs.
Step 3--Identify High-risk Type B Programs.
Small Program Exception.
Step 4--Determine Major Programs.
Type A Three-year Requirement.
Option 1 and the Type B Program Cap.
Option 2.
Selecting Type B Programs.
Percentage of Coverage Rule and Low-risk Auditee Exception.
Special Grantor Requests.
First Year Audit Exemption.
Low-risk Auditees.
Worksheets for Determining Major Programs.
Reporting Requirements in a Single Audit
Government Auditing Standards.
Reporting Requirements--Grantor Agency Variations
Reporting on Compliance with Laws and Regulations.
Reporting on Internal Control.
1404 AUDIT OF FINANCIAL STATEMENTS IN A SINGLE AUDIT
Effect of a Single Audit on Audit of Financial Statements
Schedule of Expenditures of Federal Awards
Schedule Requirements.
Schedule May Not Agree with Other Federal Award Reports.
Major Program Designation.
Optional but Recommended Information.
Accumulating Information for the Schedule.
The Auditor's Responsibility for Reporting on the Schedule of Expenditures of Federal Awards.
Additional Auditor Requirements Related to Compliance Audit Objectives and Understanding Internal Controls over the Schedule of Expenditures of Federal Awards.
Common Deficiencies in the Schedule of Expenditures of Federal Awards.
Auditor's Report on Financial Statements
Reference to Government Auditing Standards.
References to Separately Issued Internal Control and Compliance Report.
Report Illustrations.
1405 CONSIDERATION OF INTERNAL CONTROL IN A SINGLE AUDIT
Obtaining an Understanding of Internal Control
Controls at Multiple Locations.
Compliance Supplement Guide.
Assessing Control Risk
Determining Controls to Test
Multiple Internal Control Processes.
Ineffective Internal Control.
Using Results of Prior Years' Tests of Controls.
Using Single Audit Testwork to Reduce Testwork in the Financial Statement Audit.
Performing Tests of the Operating Effectiveness of Controls
Sampling and Multipurpose Tests in Tests of Controls.
Evaluating the Results of Tests of Controls
Control Deficiencies.
Reporting Responsibilities
Report Illustrations.
1406 CONSIDERING COMPLIANCE WITH LAWS AND REGULATIONS IN A SINGLE AUDIT
The Auditor's Responsibility for Laws and Regulations in All Audits
Additional Responsibilities for Laws and Regulations in a Single Audit
Audit Risk Considerations.
Materiality Considerations.
Assessing Risks of Material Misstatement and Material Noncompliance in a Single Audit
Preliminary Assessment of Audit Risk.
Components of Audit Risk.
Performing a Compliance Audit
Identifying Direct and Material Compliance Requirements
"OMB Circular A-133 Compliance Supplement."
Types of Compliance Requirements.
Determining Which Requirements to Test.
Suggested Audit Procedures.
Possible Changes/Additions to Compliance Requirements.
Federal Programs Not Included in the Compliance Supplement.
Planning the Audit of Compliance
Performing Tests of Compliance
Sampling Considerations.
Obtaining Sufficient Appropriate Audit Evidence.
Testing Transactions for Compliance with Requirements Applicable to Major Federal Programs.
Evaluating Results of Testing
Suggested Audit Procedures.
Consideration of Abuse in a Single Audit
Consideration of Subsequent Events in a Single Audit
Questioned Costs.
Effect of Questioned Costs on the Major Program Compliance Requirement.
Projecting Questioned Costs.
Effect of Questioned Costs on the Financial Statements.
Reporting on Compliance
Schedule of Findings and Questioned Costs
Findings Required to Be Reported.
Findings Related to the Financial Statements.
Preparing the Schedule of Findings and Questioned Costs.
Illustrated Schedules of Findings and Questioned Costs.
1407 AUDIT PROGRAMS
1408 SUBMISSION OF REPORTS FOR A SINGLE AUDIT
Reporting Package
Financial Statements and Schedules
Summary Schedule of Prior Audit Findings
Auditor Responsibility to Follow Up on Previously Reported Findings.
Corrective Action Plan
Information to Be Included in the Corrective Action Plan.
Data Collection Form
Due Date.
Notification of Extension.
Responsibility for Submitting Reports
Additional Submission by Subrecipients.
Clearinghouse Responsibilities.
1409 OTHER MATTERS
Responsibility for Subrecipients
Consideration of Subrecipient Monitoring.
OMB Circular A-133 Audit Threshold.
Allowable Audit Costs.
Management Representations
Restriction on Auditors Preparing Indirect Cost Proposals
Audit Quality Concerns in Single Audit Engagements
Report on National Single Audit Sampling Project.
CHAPTER 15: COMPILATION AND REVIEW ENGAGEMENTS
1500 INTRODUCTION
What Are Compilation and Review Engagements?
Organization of This Chapter
1501 AUTHORITATIVE LITERATURE
Accounting Literature
Generally Accepted Accounting Principles.
Compilation and Review Literature
Engagement Conduct Standards
Quality Control Standards
1502 PRE-ENGAGEMENT AND PLANNING ACTIVITIES
Evaluating Engagement Acceptance and Continuance
Management's Integrity and Reputation.
Communication with Predecessor Accountant.
Evaluating Risk Due to the Nature of the Engagement.
Evaluating Firm Competence, Capabilities, and Resources.
Compliance with Legal and Ethical Requirements.
Continuing Clients.
Engagement Acceptance Form.
Evaluating the Level of Service to Be Performed
Needs of Users of the Financial Statements.
Cost of the Engagement.
Independence.
Changes in the Level of Service.
Establishing Engagement Terms and Completing an Engagement Letter
Gaining Knowledge of the Client and Its Industry
Client Information Form.
1503 COMPILATION PROCEDURES
Compilation Performance Requirements
Other Accounting Services.
Actions Necessary When the Information Is Incorrect, Incomplete, or Otherwise Unsatisfactory.
Reading the Compiled Financial Statements.
Management-use-only Financial Statements
Checklists and Practice Aids
1504 REVIEW PROCEDURES
Review Performance Requirements
Inquiries and Analytical Procedures.
Developing Expectations.
Documenting Expectations.
Appropriate Workpaper Documentation.
Use of Representation Letters.
Checklists and Practice Aids
1505 WRAP-UP AND OTHER ENGAGEMENT ACTIVITIES
Documentation of Procedures
Disclosure Checklists.
Routing Instructions.
Procedures, Review, and Approval Forms.
Consultation, Differences of Opinion, and Engagement Withdrawal Documentation Form.
Required and Suggested Workpapers for a Compilation of Third-party-use Financial Statements
Required and Suggested Workpapers for a Review Engagement
Filing Instructions
Subsequent Discovery of Facts Existing at Date of Report
Communication of Fraud or Illegal Acts
Communication of Internal Control Related Matters
1506 REPORTING ON COMPILED OR REVIEWED FINANCIAL STATEMENTS
Standard Reports
Required Elements of a Compilation Report.
Required Elements of a Review Report.
Illustrated Reports.
Reference to Country of Origin.
Signature.
Reporting on Financial Statements That Omit Substantially All Disclosures
Reporting When the Statement of Cash Flows Is Omitted
Reporting on Prescribed Forms under SSARS No. 3
Reporting When There Are Significant Departures from an OCBOA or GAAP
Reporting When Not Independent
COMPILATION AND REVIEW PRACTICE AIDS (NPO-CR)
NPO-CR-1: Engagement Acceptance Form
NPO-CR-2: Checklist for a Step-down Engagement (Audit to Review or Compilation/Review to Compilation)
NPO-CR-10: Routing Instructions for Processing Financial Statements
NONPROFIT ORGANIZATION AUDIT--FIRM POLICIES (FP)
NPO-FP-1: Audit Team Members
NONPROFIT ORGANIZATION CONFIRMATION AND CORRESPONDENCE LETTERS (NPO-CL)
NPO-CL-1: Engagement Letters
NPO-CL-1.1: Audit Engagement Letter
NPO-CL-1.2: Audit Engagement Letter--Single Audit
NPO-CL-1.3: Audit Engagement Letter--Yellow Book
NPO-CL-1.4: Resignation Letter
NPO-CL-2: Legal Letters
NPO-CL-2.1: Request for Legal Representation--Lawyer Is Requested to Provide Information
NPO-CL-2.2: Request for Legal Representation--Lawyer Is Requested to Confirm Information Provided by Client
NPO-CL-3: Management Representations
NPO-CL-3.1: Management Representation Letter
NPO-CL-3.2: Management Representation Letter When the Current Year Financial Statements Have Been Audited and the Prior Year Financial Statements Have Been Reviewed
NPO-CL-3.3: Summary of Audit Differences
NPO-CL-3.4: Updating Management Representation Letter
NPO-CL-3.5: Minutes Representation Letter
NPO-CL-4: Internal Control Communications
NPO-CL-4.1: SAS No. 115 Communication of Significant Deficiencies
NPO-CL-4.2: SAS No. 115 Communication of Significant Deficiencies and Material Weaknesses
NPO-CL-4.3: SAS No. 115 Communication of No Material Weaknesses in a Separate Report
NPO-CL-4.4: SAS No. 112 Communication of Significant Deficiencies
NPO-CL-4.5: SAS No. 112 Communication of Significant Deficiencies and Material Weaknesses
NPO-CL-4.6: SAS No. 112 Communication of Significant Deficiencies That Indicates No Material Weaknesses in Internal Control
NPO-CL-4.7: SAS No. 112 Separate Communication Indicating No Material Weaknesses
NPO-CL-5: Communication with Those Charged with Governance
NPO-CL-5.1: Communication with Those Charged with Governance during Planning
NPO-CL-5.2: Communication with Those Charged with Governance at or Near the Conclusion of the Audit
NPO-CL-6: Cash Confirmations and Letters
NPO-CL-6.1: Standard Form to Confirm Account Balance Information with Financial Institutions
NPO-CL-6.2: Request for Subsequent Bank Statements
NPO-CX-16.5: Data Collection Form and Single Audit Reporting Package Worksheet--Periods Ending in 2008-2010
NPO-CX-17: Engagement Administration
NPO-CX-17.1: Client Billing Information
NPO-CX-17.2: Engagement Status Report
NPO-CX-17.3: Audit Time Summary
NPO-CX-17.4: Confirmation and Correspondence Control
AUDIT PROGRAMS--CORE (NPO-AP)
NPO-AP-1: Audit Program for General Planning Procedures
Other General Planning Procedures
NPO-AP-2: Audit Program for General Auditing and Completion Procedures
Other General Auditing and Completion Procedures
NPO-AP-3: Audit Program for Federal Award Programs--General Procedures
NPO-AP-4: Audit Program for Minutes, Contracts, and Funding Source Agreements
NPO-AP-5: Audit Program for Cash
NPO-AP-6: Audit Program for Investments and Derivatives
Other Audit Procedures for Investments and Derivatives
NPO-AP-7: Audit Program for Support, Receivables, and Receipts
Other Audit Procedures for Support, Receivables, and Receipts
NPO-AP-8: Audit Program for Program Service Fees, Revenue, and Receivables
Other Audit Procedures for Program Service Fees, Revenue, and Receivables
NPO-AP-9: Audit Program for Donated Materials, Facilities, and Services
NPO-AP-10: Audit Program for Expenses for Program and Supporting Services and Accounts Payable and Other Liabilities
Other Audit Procedures for Expenses for Program and Supporting Services and Accounts Payable and Other Liabilities
NPO-AP-11: Audit Program for Payroll and Related Liabilities
Other Audit Procedures for Payroll and Related Liabilities
NPO-AP-12: Audit Program for Inventories
Other Audit Procedures for Inventories
NPO-AP-13: Audit Program for Property and Equipment
Other Audit Procedures for Property and Equipment
NPO-AP-14: Audit Program for Other Assets
Other Audit Procedures for Other Assets
NPO-AP-15: Audit Program for Debt and Other Liabilities
Other Audit Procedures for Debt and Other Liabilities
NPO-AP-16: Audit Program for Net Assets
NPO-AP-17: Audit Program for Grant and Similar Programs
Other Audit Procedures for Grant and Similar Programs
NPO-AP-18: Audit Program for Federal Award Programs Not Included in the Compliance Supplement
AUDIT PROGRAMS--SPECIFIED RISK (NPO-AP-S)
NPO-AP-1-S: Audit Program for General Planning Procedures--Specified Risk
NPO-AP-2-S: Audit Program for General Auditing and Completion Procedures--Specified Risk
NPO-AP-3-S: Not Used
NPO-AP-4-S: Audit Program for Minutes, Contracts, and Funding Source Agreements--Specified Risk
NPO-AP-5-S: Audit Program for Cash--Specified Risk
NPO-AP-6-S: Audit Program for Investments and Derivatives--Specified Risk
NPO-AP-7-S: Audit Program for Support, Receivables, and Receipts--Specified Risk
NPO-AP-8-S: Audit Program for Program Service Fees, Revenue, and Receivables--Specified Risk
NPO-AP-9-S: Audit Program for Donated Materials, Facilities, and Services--Specified Risk
NPO-AP-10-S: Audit Program for Expenses for Program and Supporting Services and Accounts Payable and Liabilities--Specified Risk
NPO-AP-11-S: Audit Program for Payroll and Related Liabilities--Specified Risk
NPO-AP-12-S: Not Used
NPO-AP-13-S: Audit Program for Property and Equipment--Specified Risk
NPO-AP-14-S: Audit Program for Other Assets--Specified Risk
NPO-AP-15-S: Audit Program for Debt and Other Liabilities--Specified Risk
NPO-AP-16-S: Audit Program for Net Assets--Specified Risk
NPO-AP-17-S: Not Used
NPO-AP-18-S: Not Used
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INTRODUCTORY MATERIAL
PREFACE
