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Is it so that only non profit organisation which are also non governmental (like charitiesl), will require audit only when they are funded by taxpayers (public donation)?
Do they still require if not funded by taxpayers.. like a private NGO ran by few wealthy individuals.
Also ..do opentuition requires auditing ?In the UK, for example, not all companies and not all charities require an audit – as there is a “threshold” – but you don’t need to know any details. Any organisation may be required to have an audit for reasons other than it is a legal requirement or it is in the organisation’s constitution. For example, a partnership, like a sole trader does not need an audit – but an potential incoming partner might demand an audit as a condition of investing in a partnership.
John Moffat is the founder of opentuition – I do not know whether it falls within the requirements for audit.
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