AICPA RISK ASSESSMENT GUIDANCE
Knowledge-Based Audits™ of Not-for-Profit Entities Add-On Module
Accounting Research Manager® Knowledge-Based Audit (KBA) methodology is designed to help the auditor efficiently and effectively perform financial statement audits of not-for-profit entities in accordance with auditing standards generally accepted in the United States of America (GAAS), and, when applicable, Generally Accepted Government Auditing Standards (GAGAS) (also known as the Yellow Book), issued by the U.S. Government Accountability Office.
This comprehensive, unique module includes numerous practice aids and an overview to help professionals comply with the risk assessment standards. This module is available as an add-on product to any of our main ARM products.
The more accurately an auditor assesses a not-for-profit entity’s risks of material misstatement, the more assurance the auditor has that the procedures performed in response to the risk assessments will detect material misstatements. Knowledge-Based Audits of Not-for-Profit Entities enhances your ability to assess risk by helping you:
- Obtain an understanding of the not-for-profit organization and its environment, including its internal control, sufficient to accurately assess the risks of material misstatement
- Design and perform audit procedures that are responsive to the risks of material misstatement
The KBA approach is designed to facilitate this flow of information. The forms, practice aids, and audit programs incorporated in this methodology should be customized to the specific circumstances of the not-for-profit organization being audited or the specific nature of the engagement.
Knowledge-Based Audits of Not-for-Profit Entities guides you through the nine critical KBA processes:
- Pre-Engagement Procedures;
- Risk Assessment Procedures: Obtaining an Understanding of the Entity and Its Environment;
- Risk Assessment Procedures: Evaluating the Design of Internal Controls;
- Assessing the Risks of Material Misstatement;
- Performing Audit Procedures in Response to Assessed Risks;
- Performing Audit Procedures: Tests of the Operating Effectiveness of Internal Controls;
- Performing Audit Procedures: Substantive Tests;
- Evaluating, Concluding, and Reporting Procedures; and
- Audit Documentation Requirements.
The Knowledge-Based Audits of Not-for-Profit Entities Add-On Module provides hundreds of risk assessment forms and practice aids in the KBA methodology to help the auditor gain knowledge of the entity and guide you through an audit.
CCH KBA Available in Your Preferred Format
ProSystem fx® Engagement and Knowledge Tools
Experience complete interactivity with the KBA overview, tools and integration with the leading software solution. ProSystem fx Engagement and Knowledge Tools provide you with a complete and streamlined methodology, making it easier for you to comply with the risk assessment standards. Learn more about this unique offering.
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