Posted: December 30th, 2021
Compose a 3000 words assignment on the audit of not-for-profit organization. Needs to be plagiarism free! Assurance Engagement is expensive, so companies which are exempt from statuary audit may go for a Review Engagement. “The objective of a review engagement is to enable an auditor to state whether, on the basis of procedures which do not provide all the evidence that would be required in an Assurance Engagement, anything has come to the auditor’s attention that causes the auditor to believe that the financial statements are not prepared, in all material respect, in accordance with an identified financial reporting framework” (Puttick, Van Esch, & Kana 2007 p. 73). As it is less expensive so it involves the application of less detailed audit procedures than an Audit and provides a moderate level of assurance which is expressed in the form of negative assurance. The review engagement is hence, suitable for small NFPs to ensure the donators and volunteers of their fairness of operations and activities to achieve the goals of the organization.
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