A Guide for Funding Organisations
Many funding organisations provide funding to NFPs and require those NFPs to have an audit to provide independent evidence the funds have been spent as intended. In some cases many funding organisations require NFP’s to have a “audit” but there may not always be a clear understanding of what was intended by an audit, assurance engagements do come in different sizes and firms. A full audit may not be cost effective for smaller NFPs.
The XRB have created a guide to help funders understand what form of assurance they want to request from NFPs for which they allocate funding: XRB_Funding_Audit_Guide