The Impact of Benefit Plan Audits on the Financial Statement Audit

Overview

Learn how to navigate tax regulations and reporting requirements for private foundations. Gain knowledge about excise taxes, income distribution calculations, and how to complete Form 990-PF. Identify transactions subject to excise tax, distinguish between grantmaking and operating foundations, and calculate the average fair market value of assets. Discover reporting requirements for both foreign and domestic grants, and explore topics like excess business holdings, self-dealing, and program-related investments. Understand the basics of Unrelated Business Income Tax (UBIT) and recent regulatory changes affecting net operating losses and alternative investments. Equip yourself with the knowledge to effectively manage private foundation tax compliance.

Highlights

• Benefit Plan Audits
• Financial Statement Audit

Objectives

• Apply critical thinking to evaluate how the shift from traditional to digital audits impacts the audit expectation gap and identify potential new areas contributing to this gap.
• Analyze the threats and challenges arising from the paradigm shift towards digital audits, and assess how these challenges can affect the expectation gap in auditing practices.
• Utilize the concept of a constructive approach enabled by digital tools to perform auditors' duties, and evaluate how this approach could enhance internal controls, fraud prevention, and detection, consequently narrowing the audit expectation gap in these critical areas.

Notice

This is a self-study/on demand course offered by a 3rd party vendor and will NOT be accessible in the My Upcoming CPE section of the ISCPA website. Course access information will be emailed directly to you by CalCPA. The course expires one year from the purchase date. Format = Online Self-Study.