Do CPA firms have a responsibility to perform audits of charitable organizations for reduced or lower than normal audit fees? If auditors perform audits of not-for-profits at discounted fees, what impact is this likely to have on the quantity and quality of audit effort the auditor puts into the audit? Other than audit fees, what other benefits do accounting firms accrue by auditing a charity? Discuss the issue of the level of risk an auditor may associate with performing the audit of a not-for-profit organization.
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