Non-Profit Accounting: What You Need to Know
Overview:
Improvements to financial reporting considered by federal boards will significantly change the way nonpublic companies present their firm’s year-end audits. The modifications and changes made will make the audits of financial statements easier to read and understand. These also imply that companies need to conduct an effective internal control to secure compliance. Conducting a staff training and modifying auditing practices is critical in order to address the following key changes:
- Changes necessary to your company’s financial management systems to support internal control
- New Accounting Standard Changes
- Changes to the Auditor’s Standard Opinion, SAS and SSAE No. 16
- Newly issued AICPA’s Clarity Project
- Learn the concepts and best practices of having an effective internal control
- Up-to-the minute regulatory update
Agenda:
Main theme: Tightening federal regulation and audit and accounting standards have created increased focus on internal controls
SEGMENT 1:
Lillian McDonell, CPA, MBA, Managing Member,
Watson & McDonnell PLLC
Steve Jankowiak, CPA, Audit Manager,
Watson & McDonnell PLLC
- Overview of new accounting standard changes – yellow book standards, new accounting standards, mergers & acquistions, Fair value guidance, et al.
SEGMENT 2:
Pamela A. Mann , Attorney,
Carter, Ledyard & Milburn LLP
Overall theme: Tax exempt organizations face increased challenges in dealing with the Form 990 as presently constituted.
- Changes in organizational behaviors that are suggested by questions on the form
- Increased board involvement in monitoring of the organization’s operations and finances
- Increased scrutiny on board policies and conflict of interest management
- Traps for the unwary in completing the Form 990
SEGMENT 2:
Crystal Ewers, CPA, Controller,
Water For People
Changes to the Auditor’s Standard Opinion, SAS and SSAE No. 16
- Clarity Project: Updates for Service Organizations AU-C 402
- Clarity Project: Updates for Initial Audit Engagements AU-C510
- Clarity Project: Group Audits AU-C600
- Clarity Project: Reporting Updates: format, opinion language,
- Clarity Project: Other Updates and Resources
SEGMENT 3:
Jacqueline M. Tiso, CEO and founder,
JMT Consulting Group
Changes to the Auditor’s Standard Opinion, SAS and SSAE No. 16
- Nonprofits need to show accountability in all facets of their financial management
- More than ever, financial management systems need to support internal controls, provide transparency to ensure compliance with funders requirements, while accomplishing this with a lower cost and increased ease of use
Who Should Attend:
- Finance &Accounting Executives from Non-profits and related entities
- Treasurers
- CPAs
- Internal Auditors
- Controllers
- Associate and Assistant Controllers
- Financial Reporting Managers
- Chief Financial Officers
- Audit Committee
- Compliance Officers
- Independent Auditors
- Managers in nonpublic companies, non-profits and government agencies
- Auditors
- Audit Partners
- Audit Consultants
- Corporate Senior Management
- Others involved in Internal Control
Lillian McDonell, MBA, CPA, is the managing partner of Watson & McDonell, PLLC in Seattle. Formed in 1986, Watson & …
Steve Jankowiak, CPA, is an audit manager at Watson & McDonell, PLLC in Seattle. He has over 15 years of …
Crystal Ewers holds a Master of Business Administration in Accounting. She is a Certified Public Accountant (CPA) and member of …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
NONE
Course Code:
124326
NASBA Field of Study:
Auditing
NY Category of CLE Credit:
Total Credits:
2.0 CLE
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SPEAKERS' FIRMS:
About Watson & McDonell, PLLC
Watson & McDonell, PLLC, is a CPA firm based in Seattle, Washington. For more than 25 years, we have provided assurance, tax, and accounting services to a broad array of small and medium-sized nonprofit organizations.
The not-for-profit sector is the cornerstone of our practice. Our clients include housing and social service providers, arts organizations, educators, and community development organizations. We also have significant expertise with low-income housing government programs, including tax credit engagements, and OMB Circular A-133 audits.
Our seasoned professionals combine years of advanced training, technical experience and financial acumen to provide close, personal attention to our clients.
We are members of the American Institute of Certified Public Accountants, the Government Audit Quality Center, and the Washington Society of Certified Public Accountants.
Website: https://www.watsoncpas.com/
About Water For People
Water For People believes Everyone should have improved water Forever. And they want to help them in reaching that goal, for every family, every clinic and every school in the regions and districts where they work.
Water For People brings together local entrepreneurs, civil society, governments, and communities to establish creative, collaborative solutions that allow people to build and maintain their own reliable safe water systems. Empowering everyone transforms people’s lives by improving health and economic productivity to end the cycle of poverty.
Website: https://www.waterforpeople.org/
About JMT Consulting Group
JMT Consulting Group is an independent technology consulting firm that specializes in cloud-based technologies for nonprofits, including Intacct Cloud Financials. Intacct is the cloud computing financial management and accounting system trusted by leading nonprofits in every area—including charities, trade and membership associations, cultural institutions, charter schools, and faith-based organizations. Intacct has helped thousands of organizations gain control over their finances, improve operations, increase transparency and minimize costs.
Website: https://us.intacct.com/
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