AIS
21 August 2006 Monday

Why are CPA firms reluctant to audit charities?

auditors are not there to check that charites are run properly, that charities do not install golden toilets.
if the golden toilet bowl is installed, then it must be stated clearly in the financial reports. that is what auditors do.
so CPA firms are reluctant to audit charities because in the past, charities have not set aside money to set up auditing services previously. this the quality of information available to auditors would be less than satisfactory. both parties would have to settle based on trust.

hmmm. is this what AIS is abt?