Thursday, April 6, 2023
The AUASB has approved the withdrawal of GS 019 Auditing Fundraising Revenue of Not-for-Profit Entities at the March 2023 AUASB meeting. GS 019 was issued in 2011 and is no longer fit-for-purpose in the current environment. Consequently, the AUASB has withdrawn GS 019 and issued an AUASB Bulletin Auditing Fundraising Revenue of Not-for-Profit Entities in a Digital Age to update and replace the content in GS 019. The purpose of this Bulletin is to assist auditors to address key audit considerations in a digital age when undertaking their planning, risk assessment, performing and reporting on fundraising revenue. This AUASB Bulletin highlights current issues relating to fundraising revenue collection and the impacts of the collection on audit procedures and the audit report. It also draws together other reference materials from the AUASB and other sources that auditors of NFPs may find useful.
If there are any concerns with the withdrawal of GS 019 Auditing Fundraising Revenue of Not-for-Profit Entities kindly contact us via [email protected] by 5 May 2023.