Risk Assessment: Not-for-Profit Governance and Assurance

⁨Course Description

⁨Risk Assessment: Not-for-Profit Governance and Assurance explores how not-for-profit organizations identify and manage organizational and audit-related risks in an increasingly complex operating environment. The course examines how leadership teams, internal auditors, and external auditors use risk assessment processes to support informed decision-making and improve governance practices.

Participants will learn how risk identification and audit planning influence the overall audit approach for not-for-profit entities. The course also reviews the assessment of controls over financial reporting and demonstrates how auditors develop procedures to address identified risks. Through practical examples and case studies, learners will strengthen their understanding of risk-based auditing within the nonprofit sector.

This course is part of the AICPA Not-for-Profit Certificate II – Governance and Assurance track and is designed for professionals with prior experience working in or with not-for-profit organizations.

What You’ll Learn

After completing this course, participants will be able to:

• Apply generally accepted auditing standards (GAAS) when assessing risk during the planning phase of a not-for-profit audit
• Identify and assess significant risks within a not-for-profit organization
• Determine appropriate audit procedures in response to identified risks
• Evaluate the adequacy of internal controls over financial reporting
• Understand how risk assessment impacts audit planning and audit strategy
• Recognize the role of leadership teams and auditors in ongoing risk management processes
• Analyze practical examples and case studies involving nonprofit governance and assurance considerations

Who This Course Is For

This course is designed for:

• CPAs working with not-for-profit organizations
• External auditors performing nonprofit audits
• Internal auditors involved in risk assessment activities
• Accounting professionals serving nonprofit clients
• Finance leaders and controllers within NFP organizations
• Professionals seeking advanced knowledge in nonprofit governance and assurance
• Individuals pursuing specialized training in not-for-profit auditing and risk assessment

Key Topics Covered

• Risk assessment in not-for-profit organizations
• Identifying, assessing, and responding to significant risks
• Audit planning considerations for NFP engagements
• Applying generally accepted auditing standards (GAAS)
• Internal controls over financial reporting
• Governance and assurance responsibilities within nonprofit organizations
• Auditor recommendations and risk response strategies
• Risk-based audit procedures
• Case studies involving nonprofit audit and assurance scenarios
• Practical examples of risk evaluation and control assessment

Why This Course Matters

Effective risk assessment is essential for not-for-profit organizations because governance decisions, financial reporting, and audit quality all depend on a strong understanding of organizational risk. Auditors and finance professionals must be able to evaluate internal controls, identify significant risks, and design audit procedures that align with professional standards and nonprofit operational realities.

This course helps professionals strengthen their knowledge of risk-based auditing in the nonprofit sector while improving their ability to support governance, compliance, and financial oversight responsibilities. It also reinforces practical application of auditing standards within the unique environment of not-for-profit entities.

For additional guidance on nonprofit auditing standards and governance considerations, review the AICPA’s resources on Not-for-Profit Audit and Accounting Guidance.

Explore additional nonprofit and assurance-focused training through NINJA CPE Auditing courses.

Frequently Asked Questions