UNA - Audits, Reviews, And Compilations For Nonprofit Organizations – What Is The Difference?
Join us for a comprehensive training session designed to provide nonprofit organizations with a clear understanding of the key differences among three essential financial reporting services: audit, review, and compilation.
In this training, participants will gain insights into the distinct purposes, procedures, and outcomes associated with each of these financial reporting services. We will explore:
Audit: Understanding the rigorous nature of an audit, participants will learn how this in-depth examination of financial statements offers the highest level of assurance. Topics covered include the auditor's responsibilities, the risk assessment process, and the issuance of an auditor's report.
Review: A review provides limited assurance, and attendees will discover the scope of a review engagement, its objectives, and how it differs from an audit. This section will also discuss key financial statement disclosure requirements and the review report.
Compilation: This service is focused on presenting financial data in a readable format, without providing any assurance. Participants will learn about the compilation process, the accountant's role, and the compilation report's purpose.
By the end of this training, nonprofit professionals and financial stakeholders will be equipped with the knowledge needed to make informed decisions regarding the type of financial reporting service that best suits their organization's needs. Additionally, they will gain valuable insights into how these services contribute to financial transparency, accountability, and regulatory compliance within the nonprofit sector.
Register today for this insightful session and ensure your nonprofit organization's financial reporting aligns with best practices and fulfills its mission with integrity. One hour of free CPE is available. We hope to see you there.