Description
Do CPA firms have a responsibility to perform audits of charitable organizations for reduced or lower than normal audit fees? If auditors perform audits of not-for-profits at discounted fees, what impact is this likely to have on the quantity and quality of audit effort the auditor puts into the audit? Other than audit fees, what other benefits do accounting firms accrue by auditing a charity? Discuss the issue of the level of risk an auditor may associate with performing the audit of a not-for-profit organization.
Explanation & Answer
Attached.
CPA Firms Responsibility to Perform Audits of Charitable Organizations
Thesis statement: Frequent audits should be done on charitable organizations due to the increase
in fraud and misappropriation of resources in these organizations.
1. Introduction
2. Risks an auditor may associate with performing audit services for nonprofits
3. Benefits accrued by audit firms for their services to charities
4. Conclusion
Running head: CPAS ROLES IN AUDITING NOT-FOR-PROFIT ORGANIZATIONS
CPA Firms Responsibility to Perform Audits of Charitable Organizations
Institution Affiliation
Date
1
CPAS ROLE IN AUDITING NOT-FOR-PROFIT ORGANIZATIONS
2
Introduction
The frequency with which fraud occur in not-for-profit organizations is worrying and
only indicates the need for professional audit services. However, accessing CPA audit services
for most of these organizations is hard as the cost is quite high for them. These frauds are
especially costly to the sm...
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