February 2025

Events occurring up to the date of the auditor’s report are critical in determining the completeness and accuracy of financial statements. These events, known as subsequent events, occur after the balance sheet date but before the auditor issues the final report. Auditors must assess these events to ensure that any significant developments affecting the financial position or performance of an entity are properly recognized or disclosed.…

Subsequent events procedures are essential steps in the audit process designed to identify, evaluate, and appropriately address events that occur after the balance sheet date but before the issuance of the financial statements. These procedures help auditors determine whether such events require adjustments to the financial statements or additional disclosures to ensure they present a true and fair view.…

Subsequent events refer to occurrences or transactions that happen after the balance sheet date but before the financial statements are issued or available to be issued. These events can significantly impact the accuracy and reliability of financial reporting, as they may provide additional information about conditions that existed at the balance sheet date or indicate new conditions that require disclosure.…

Audit review and finalisation are critical stages in the audit process, ensuring that all audit work has been completed thoroughly, findings are accurately reported, and the financial statements are free from material misstatements. These stages involve a comprehensive evaluation of audit evidence, risk assessments, and conclusions drawn throughout the audit, culminating in the issuance of the auditor’s report.…

Audit reporting for not-for-profit organizations (NPOs) is a crucial process that communicates the results of an audit to stakeholders, including donors, grantors, regulatory bodies, and governing boards. Unlike for-profit entities, NPOs rely heavily on public trust, donor contributions, and government grants, making transparent and accurate audit reporting essential for maintaining credibility and accountability.…

An overall review of financial statements for not-for-profit organizations (NPOs) is a crucial step in the auditing process to ensure the accuracy, completeness, and fairness of financial reporting. Unlike for-profit entities, NPOs face unique challenges related to donor restrictions, grant compliance, and the proper classification of funds, which require a tailored approach to financial statement review.…

Designing procedures for not-for-profit entities (NPOs) is essential to ensure accurate financial reporting, regulatory compliance, and the responsible use of resources. Unlike for-profit organizations, NPOs face unique challenges such as managing donor restrictions, grant compliance, and diverse funding sources, including donations, grants, and fundraising activities.…

Audit evidence plays a critical role in verifying the accuracy, completeness, and compliance of financial statements in not-for-profit organizations (NPOs). Due to the unique funding structures, donor restrictions, and operational models of NPOs, auditors must obtain sufficient and appropriate evidence to support their audit opinions.…

Risk assessment and materiality are critical components of auditing not-for-profit organizations (NPOs) in the public sector. These organizations often manage complex funding structures, including government grants and taxpayer resources, making them subject to heightened scrutiny and regulatory oversight. Proper risk assessment helps auditors identify areas susceptible to material misstatements, fraud, or non-compliance, while determining materiality ensures that audit resources are focused on significant issues that impact financial reporting and public trust.…

Auditing not-for-profit organizations (NPOs) in the public sector is critical for maintaining transparency, accountability, and the responsible use of public funds. Public sector NPOs often receive funding from government grants, taxpayer resources, and public donations, making them subject to strict regulatory oversight and higher expectations for financial integrity.…