This report provides practitioners involved with not-for-profit (NFP) entities with an overview of recent industry, economic, accounting and assurance developments that may affect the audits and other engagements they perform. Practitioners are encouraged to use this report as a tool to help ensure they are:
Considering business and economic conditions that may be affecting NFP clients
Considering recent accounting, auditing, and other standards that may apply to NFP clients and their firms, and
Identifying the significant risks that may result