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Auditing Not-for-anizations
OVERVIEW OF THE INDUSTRY   
ACCOUNTING PRINCIPLES   
(a) Statements of Financial Accounting Standards No. 116 and No. 117,   
(b) Governmental Entities,   
(c) Fund Accounting,   
RISK ASSESSMENT AND AUDIT STRATEGY   
AUDITING THE REVENUE CYCLE   
(a) Contributions,   
(b) Investments and Investment e,   
(c) Grants and Contracts,   
(d) Tuition Revenues and Related Fees,   
(e) Student Loans,   
AUDITING THE PURCHASING CYCLE   
(a) Capital Assets,   
(b) Release of Donor Restrictions, 
(c) Allocation of Joint Costs of Multipurpose Activities   
INFORMATION TECHNOLOGY IN THE NOT-FOR-PROFIT ENVIRONMENT   
AUDITS OF FEDERAL AND STATE PROGRAMS   
OVERVIEW OF THE INDUSTRY
The not-for-profit sector of the economy includes many diverse types of entities, including colleges and universities, voluntary health and anizations, public and private foundations, museums and other cultural institutions, and associations, to name just a few. anizations may have little mon beyond a mission that excludes providing a return to owners and a set of accounting recognition, measurement, and reporting standards that reflect the absence of ownership interests and the existence of contributions by donors. This chapter discusses various aspects of auditing a not-for-anization. It does not cover hospitals, however, which may anized for profit or not-for-profit purposes or which may be governmental units.
The business operations of not-for-anizations, and hence their accounting practices, differ from those mercial entities in three significant respects. First, anizations generally do not have owners. This should not affect the audit because the responsibility to report to the trustees, creditors, and other providers of resources does not differ significantly from the auditor's responsibility to the shareholders of a corporation. The second and most obvious difference between not-for-profi