Accounting and Auditing Update for Not-for-Profits - Webcast
Overview
The most effective path to success lies in being indispensable to clients. Achieving that indispensability requires a robust understanding of the client. Participants will explore the latest developments affecting not-for-profit entities, including FASB requirements, OMB Uniform Guidance, and Yellow Book developments. Moreover, they will thoroughly review updates to ethics, governmental auditing standards, and accounting for not-for-profit entities. After taking this course, participants will be well-versed in current standards and best practices in not-for-profit accounting and auditing.
YELLOW BOOK: Qualifies for Yellow Book CPE based on your unique audited entity.
OSCPA has partnered with the Idaho Society of CPAs for this event.
Highlights
- Not-for-profit accounting update
- FASB accounting standards updates
- Statement on Quality Management Standards (SQMS) No. 1, 2, and 3
- Auditing Standards Board update
- Governmental auditing update
Prerequisites
Basic knowledge and experience in not-for-profit accounting and auditing.
Designed For
Accountants and finance professionals working with not-for-profits.
Objectives
When you complete this course you will be able to:
- Identify how FASB's Accounting Standards Updates affect not-for-profit financial statements.
- Identify the requirements of recently issued or effective Statements on Auditing Standards (SASs).
- Identify the requirements of Statement on Quality Management Standards (SQMS)No. 1, A
- Firm's System of Quality Management, SQMS No. 2, Engagement Quality Reviews, and SQMS No. 3, Amendments to QM Sections 10, A Firm's System of Quality Management, and 20, Engagement Quality Reviews.
- Identify recent changes to the AICPA Code of Professional Conduct that affect auditors of governments and NFPs.
- Distinguish the provisions of the Government Auditing Standards 2024 Revision.
- Identify Yellow Book requirements related to independence, management's responsibilities, and reporting.
- Identify changes to the Uniform Guidance.
Leader(s):
Leader Bios
Michele Kemp, AICPA
Michele Kemp, CPA, received a Bachelor of Science in Accounting and a Bachelor of Science in Economics and Finance from Arkansas Tech University. She also graduated with a Masters of Accountancy from the University of Central Arkansas. She is a licensed CPA in Arkansas.
Michele began her public accounting career at BKD, LLP, the 11th largest CPA firm in the country. As a Manager, she met her spouse and left to start her own firm. She began as a sole proprietor and established the The KEMPFirm, LLC. She worked to grow her practice to a team 15 with over 30 years of combined experience in the public accounting, tax and consulting industry. The firm operated in Arkansas, Oklahoma, Texas, California and Japan. In 2017, faced with a family tragedy, she sold her practice and refocused her services and energies.
Michele has over 24 years experience in public accounting. She has spent a significant portion of her career specializing in governmental and not-for-profit organizations. She currently provides training to organizations related to audit requirements and procedures, leadership and ethics, federal regulation and compliance, internal controls and COSO certifications, operating processes and business practices, and fraud prevention and awareness. In addition, she works with a number of organizations assisting with systems analysis, internal controls and operating reviews, implementation and conversion projects, general business consulting and as a liaison for management during the audit process.
Michele is a member and instructing consultant for the American Institute of Certified Public Accountants and the Arkansas Society of Certified Public Accountants, where she has been recognized as one of the top presenters.
Michele has been honored with the AICPA Outstanding Facilitator Award multiple times.
(2/16/26)
Non-Member Price $410.00
Member Price $310.00