Author: Sundeep Gupta & Shivam Agarwal , ASA
This article explores key audit considerations for not-for-profit entities in the USA, emphasizing the importance of financial accountability and transparency. It highlights the crucial role auditors play in assessing internal controls, grants and donations, and regulatory compliance. Additionally, the article underscores the need for thorough scrutiny of related party transactions and revenue recognition to prevent fraud and mismanagement. Ultimately, the piece underscores auditors’ pivotal role in ensuring NFPs maintain public trust and adhere to their missions. Published on Taxmann
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