TAILIEUCHUNG - Lecture Essentials of accounting for governmental and not-for-profit organizations (12/e) – Chapter 13

Chapter 13 - Auditing; tax-exempt organizations; and performance evaluation. In this chapter students will be able to: Describe the unique characteristics of audits of governmental and not-for-profit entities, describe the major requirements of the single audit act, describe the reporting requirements of tax-exempt entities, | Essentials of Accounting for Governmental and Not-for-Profit Organizations Chapter 13 Auditing; Tax-Exempt Organizations; and Performance Evaluation Copyright © 2015 McGraw-Hill Education. All rights reserved. Chapter 13 – Learning objectives Describe the unique characteristics of audits of governmental and not-for-profit entities Describe the major requirements of the Single Audit Act Describe the reporting requirements of tax-exempt entities. Identify when a not-for-profit organization is subject to the unrelated business income tax and describe how the tax is determined. Chapter 13 – Learning objectives continued Identify financial ratios commonly used to evaluate governments and not-for-profits and describe how they are calculated and interpreted. Identify the elements of service efforts and accomplishments reporting and explain why governments and not-for-profits report nonfinancial performance measures Part 1: Governmental Auditing Source of Auditing Standards AICPA – Statements of Auditing Standards (GAAS) GAO – Government Auditing Standards (GAGAS) AICPA Audit and Accounting Guides Audits of State and Local Governments Not-for-profit Organizations Government Auditing Standards: aka The Yellow Book Government Auditing Standards, issued by the GAO, incorporate AICPA auditing standards and provide extensions that are necessary due to the unique nature of public entities Differences in Public Sector Audits Auditors must possess knowledge of government accounting and auditing Public availability of audit reports Written evaluations of internal controls Distribution of audit reports and availability of working papers to federal authorities Types of Engagements Financial Audits Provide reasonable assurance that financial statements are presented fairly in all material respects and comply with GAAP. Attestation Engagements Include Reporting on: Internal controls Compliance with laws and regulations Prospective financial information Costs under contracts Types .

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• Accounting for governmental
• Not for profit organizations
• Financial reporting for governmental
• Tax exempt organizations
• Performance evaluation
• Governmental auditing
• Budgetary accounting
• Government wide financial statements
• Governmental funds
• Governmental accounting course
• Competencies of recent graduate
• Gap between Theory and Practice
• Governmental accounting education
• Governmental accounting technique
• Nonprofit entities
• Accounting for Nonprofit Entities
• Governmental organizations
• Performance budgeting
• Budgeting governmental
• Governmental operating statement accounts
• Not for profit accounting
• Recognizing revenues
• Recognizing expenditures
• Generally accepted accounting
• Local government financial reporting
• Reporting perspectives
• Financial reporting
• Financial reporting standards
• Accounting information
• Fund financial statements
• Governmental financial performance
• Performance measurement
• Accounting for colleges
• Other accounting issues
• Accounting for hospitals
• Health care providers
• Fund accounting
• Revenue funds
• Special revenue funds
• Local governments
• Required financial statements
• Internal financial trend monitoring
• Financial position
• Single audits
• Audit process
• Statement of cash flows
• Performance measures
• Annual compliance reporting
• Operating statements