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Audit Sampling Strategies for Nonprofits: Uniform Guidance Compliance, Reporting and Communicating Findings

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Wednesday, March 4, 2020

Recorded event now available

This course will explain sampling procedures for audits conducted under the uniform guidance. Our panel will review the necessary sampling concepts and steps when performing single audits.

Description

While practitioners must understand the differences between statistical--or the more frequently used, nonstatistical (judgment-based)--samples, both methods require judgment. Auditors must perform both tests of controls and compliance to determine the effectiveness of systems NPOs have in place and their level of compliance with these systems.

There are multiple steps within the framework of pulling samples and testing the selections. Determining the sample size and levels of risk, defining the population, evaluating the results, and communicating the findings are all sampling challenges faced by auditors. Professionals handling audits of programs need to fully understand the specific sampling requirements for single audits.

Listen as our panel of veterans shares their experiences in developing and implementing sampling strategies, and explains how best to handle exceptions and report findings when performing single audit engagements. Our panel will share their experiences and offer best practice suggestions for performing sampling in a single audit environment. They will provide hands-on examples and explain how an auditor's decisions and judgments impact the audit of an NPO.

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Outline

  1. Requirements under uniform guidance
  2. Determining the size of tests of controls
  3. Tests of compliance (substantive tests)
  4. Projection of compliance test results
  5. Reporting deficiencies and issuing a compliance opinion
  6. Requirements for financial statement reporting

Benefits

The panel will review these and other key issues:

  • Determining sample size under uniform guidance
  • How samples can be designed to meet more than one purpose (dual-purpose testing)
  • Considerations when documenting audit sampling tests of controls over compliance and substantive tests of compliance
  • Suggestions on efficient compliance with the requirements
  • Defining the population and the sampling unit
  • Areas of common deficiencies as cited in inspections and peer reviews

Faculty

MacLeod, Deby
Deby MacLeod, CPA, CGMA
Shareholder
Clark Nuber

Ms. MacLeod is an audit shareholder specializing in serving the firm’s not-for-profit clients with a focus on...  |  Read More

Joe Purvis
Joe Purvis, CPA
Senior Manager
Clark Nuber

Mr. Purvis focuses on serving clients in the healthcare industry and the not-for-profit sector. He also performs...  |  Read More