You have been hired as a CPA to perform an audit of an entity. You do not have a

Question

You have been hired as a CPA to perform an audit of an entity. You do not have any evidence that suggests the organization is a government organization. No evidence suggests that the government has the power to dissolve of the entity. All net assets are allocated to among different entities, which do not revert to a government. Additionally, it does not seem that the organization has the power to enact a tax levy. Analyze the organization to determine if it is governmental not-for profit entity or nongovernmental not-for-profit entity. To which standards should the financial statements adhere and why?

Explanation / Answer

Difference between Governmental not-for profit entity or nongovernmental not-for-profit entity- Are as following:

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