The following is a research paper that focuses on the subject of why the non profit organizations and the government based entities are subjected or required to get audited. The research paper highlights the importance of the GAAP audit alongside its specific objectives.
Certain common problems and issues that arise during audits are also identified in the papers. Aside from this the paper provides that audits are required and mandatory for non profit organizations that generate sufficient level of revenues while all government operations and entities are subject to audit. Two separate boards govern the audit and GAAP guidelines for the non profit organizations and the government administered business entities. The specific GAAP audit requirements for the non profit operations and the government entities are highlighted along with the benefits these types of businesses receive from undergoing an audit.
The objective of the research paper is to determine why audit is required for the non profit organizations and government entities and how the GAAP provides provisions and requirements for audit for the above mentioned business entities. The research questions that have been identified are as follows:
- What is the importance of audit as per the GAAP?
- What are the guidelines for audit for non profit organizations?
- What are the objectives of the GAAP audit and the main identified audit issues?
- How do nonprofit organizations benefit from an audit?
- What are the guidelines for audit for government run entities?
- How do government run entities benefit from an audit?
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