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Hi,
Can you tell how audit for ‘not for profit’ organisation is performed.Thanks
Main differences from ordinary audits are:
Different objectives – not profit. Is the organisation staying within its objects?
Often a lot of cash is collected (charities) so risk there.
Some donations and bequests have strings attached eg use in a particular way.
Often staff, though well-meaning, have little commercial experience.
Management might be less professional
Management structure, relying on volunteers can be less able to tell people what to do eg to follow procedures.
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see the questions Ajio & Eurake in the exam kit,Its on NFP org.
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