The Tax Cuts and Jobs Act (TCJA) was a major overhaul of our tax system that lowered the income tax rates for individual and corporate taxpayers and introduced the new 20% qualified business income (QBI) deduction for sole proprietors and pass-through entities. The cornerstone of this course is the comprehensive discussion of the 20% QBI deduction final regulations under IRC §199A.
*Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to terri.storer@acpen.com
DESIGNED FOR
Anyone responsible for analyzing or interpreting nonprofit financial statements
BENEFITS
- Explain how properly designed and performed analytical procedures contribute to reducing audit risk
- Describe the required elements of an analytical test that must be documented to satisfy professional standards
- Describe the most common financial statement analytics used to interpret the financial results of a nonprofit
- Common ratios and trends to assess liquidity, operating efficiency, leverage, and more
HIGHLIGHTS
- How to leverage preliminary and substantive analytic procedures to improve the effectiveness and efficiency of financial statement audits
- The required elements of a substantive analytic procedures to address detection risk
- Tips and traps of applying an analytic approach to satisfy audit objectives
- Explaining the usefulness of analyzing diverse trends and ratios in a nonprofit environment to meet the needs of various financial statement users
- Common ratios and trends to assess liquidity, operating efficiency, leverage, and more
PREREQUISITES
None
ADVANCE PREPARATION
Familiarity with the nonprofit industry