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hello gromit
is best value audit in the syllabus? it is not visible anywhere in the syllabus on acca web.
also what exactly do we need to learn about audit of not for profit orgs? are there any notes/lectures on Open tuition regarding this?
If it;s not on the syllabus its not on the syllabus.
Not-for-profit. Main points:
Often run by a high proportion of volunteers eg charities – so the accounting system, chain of xommmand and accounting might not be as good as in commercial undertaking.
Often involves cash receipts and this can increase risk (again charities in particular)
Income = grants and donations, not sales
Income often has strings attached ie a grant from the government has to be spent in a particular way.
Can be high profile/public interest – so more risk to the audit firm
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