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Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition 2014 Supplement by John H. McCarthy, Nancy E. Shelmon, John A. Mattie

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CHAPTER 23

Effective Internal Accounting Control for Not-for-Profit Organizations

23.1 Introduction to Internal Accounting Control

*(b) Internal Control—Integrated Framework Definition

(f) New Thresholds for Internal Control Weaknesses

(g) SAS 114 Communications

23.2 Elements of an Effective Internal Accounting Control System

(a) Control Environment

*(d) Organization Structure and Management Controls

(g) Recordkeeping and Information Systems

(ii) Service Bureaus

*(j) Periodic Review of the Control System

23.3 Basic Internal Accounting Control System

(i) Compensation and Expenses

p. 401, chapter featuring list. Remove “(New)” from 23.1(f), 23.1(g), and 23.3(i).

23.1 Introduction to Internal Accounting Control

(b) Internal Control—Integrated Framework Definition

p. 402, n. 1. First sentence should read “Additionally, COSO issued Enterprise Risk Management—Integrated Framework, which expands on its earlier work.”

*p. 402, n. 1. Insert a sentence after the second sentence that reads:

Finally, in 2013 COSO issued Internal Control—Integrated Framework, which is expected to help organizations design and implement internal control in light of many changes in business and operating environments since the issuance of the original Framework.

p. 403, first paragraph after the second bulleted list, second sentence. Delete “interviewed.”

(f) New Thresholds for Internal Control Weaknesses

p. 404. Remove “(New)” from the section (f) title.

p. 404, first paragraph, second sentence. Replace “will ...

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