This should not be your opinion but your words informed by the topics of our course. Your answers should include paragraphs but may also include lists and bullet points. Consider the role of accounting and textbook topics related to the questions. Write, read, edit!
For all deliverables: Write, read, edit! Each response should be at least 2 paragraphs
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1. You are recently hired by a not for profit organization serving as a clearing house for volunteers to assist other not for profit organizations as well the senior citizen population in the local area. As part of the accounting department you will be assisting in budget management and financial reporting. What financial reports will you seek to review to learn more about the organization and what would you expect to see and learn from these reports?
2. As a member of the accounting department for a major university you were recently promoting to the controller’s office. What reports would you seek to review and what conclusions, including statistical, might you conclude, as you view the big picture and the financial reports? What do you learn from these reports about the university, financially?
3. Describe the terminology Government Audits and the related standards including who develops these, what are authoritative sources, and what the types of Government Audits (categories).
4. In your role as the controller for a not for profit four year college with an enrollment of 10,000 students, explain the Federal Audit exposure and the form of the Federal Audit. Your response should include the name of the audit, the authoritative sources for the audit, and the reports that would be included by the audit. Who performs this audit and who pays for this audit?