The AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. The new standard becomes effective for audits of financial statements for periods ending on or after Dec. 15, 2023.
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Apr 4, 2024
Here’s a helpful guide for these organizations, especially when it comes to political activity and lobbying.
Nonprofit leaders understand all too well that they have a profound duty when it comes to legal and ethical oversight of their organization’s activities. Congress’s chief tax-writing arm, the Committee on Ways and Means, recently announced it was evaluating current rules on political intervention and lobbying by tax-exempt groups — and that it would be ready to crack down on any violations of disclosure statements or expenditure limits.
