AICPA's 2014 Not-for-Profit Entities Audit Risk Alert has been issued. While we recommend at least a cover-to-cover scan of the Alert, we put together the following summary to highlight what's new and what's important in the current-year alert. Click here to visit AICPA's website to get a complete copy of the 2014 NFP Audit Risk Alert. 

New This Year

Enterprise Risk Management - Non-profits have more reason than ever to focus on questions surrounding risk. ERM is a process designed to identify potential events that may affect your non-profit,manage risk so it is within acceptable levels, and provide reasonable assurance you can achieve your objectives. An efficient ERM program can drive a strategic competitive advantage for your organization.  

Crowd Funding - Risks associated with this rising form of funding include improperly classifying donor restrictions on these contributions and noncompliance with government regulations related to crowd funding via the Internet.

Other highlights from the alert include information on:

• COSO's Updated Internal Control - Integrated Framework
• The Affordable Care Act
• Cause-related marketing arrangements
• Programmatic investments or loans
• Accounting Standards Updates
  And more 

Read our expanded summary of the important highlights from this alert.