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CPE: Novogradac Webinar Reviewing Audits of Lower-Tier LIHTC Partnerships





Novogradac is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:

Instructional delivery method: Group internet

Learning objectives: 

  • Identify the end-users of financial statements
  • Identify the party responsible for the preparation and fair presentation of the financial statements as well as maintenance of internal control
  • Distinguish between the four financial statements being audited
  • List the different paragraphs of the Report of Independent Auditors
  • Distinguish between management’s responsibilities and the auditors’ responsibilities
  • Define “materiality” in terms of the financial statement audit
  • Differentiate between quantitative and qualitative factors when determining material misstatement
  • Identify the most common adjusting journal entries proposed by auditors
  • List the different types of auditor opinions
  • Identify the major groupings of assets, liabilities, equity, revenues, and expenses as they are presented on the financial statements
  • Identify the major accounts and transactions that are commonly disclosed in the notes to the financial statements
  • List the common elements of management representation letters, communications of internal control related matters, and communications with those charged with governance

Level: Basic

Prerequisites: A basic understanding of public housing and low-income housing tax credits

Preparation required: None

Recommended field of study: Auditing

Recommended Credit Hours: 2

In accordance with the standards of the National Registry of CPE Sponsors, CPE credits for this course are based on a 50-minute hour group-internet based instructional method.

Note: Multiple paid registrants within an organization may choose to watch the webinar on one screen. In situations where small groups view a webinar, for multiple members of the group to claim CPE credit it is not necessary for the individuals in the group to respond to polling questions individually. The person logged into the program may respond to the polling on behalf of the group; however, the monitoring of the active participation of the individuals in the small group will be documented and verified by the small group administrator.

If you are watching the webinar in a group and wish to be eligible to claim CPE credit for multiple members of the group, please print and fill out the Small Group Sign-in Sheet and submit it to [email protected].

Policy for addressing concerns or issues with Continuing Professional Education delivered by Novogradac & Company 

Please address any questions or concerns regarding CPE at Novogradac & Company workshops, webinars or on-demand courses to the Events Desk at 415-356-7970 or [email protected].

Unresolved issues or concerns regarding registered CPE sponsors may be reported to the National Registry of CPE Sponsors and submitted online at

Note also that although recordings of most webinars are available for purchase, unless specifically stated, CPE is NOT available for webinar recordings.

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