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The Impact of New Auditing Standards on Nonprofit Organizations and Tips on Preparing your Annual Audit

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Statements of Accounting Standards #104 – #111 went into effect for all financial statement audits following a December 31, 2007 year end. Senior Audit Manager Trevor Williams provided a overview of each one and described the impact on the auditor’s work.  The new standards are intended to:

  • Provide guidance to the auditor to obtain a more in-depth understanding of the auditee and its environment
  • Provide guidnace on the auditor’s assessment of the risks of material misstatement of the financial statements based on that understanding
  • Provide guidance to the auditor on the design and performance of audit procedures
  • Provide guidance to the auditor on planning and supervision and the nature of audit evidence
  • Evaluate audit evidence once it is obtained

 

David Graling is a top notch professional.  He runs a great crew and is always helpful.

Anne P. Santalla |  Director of Operations
Accrediting Commission of Career Schools and Colleges