Federal funds often flow through multiple organizations before being used to aid the intended beneficiary. The organization receiving federal funds from another organization, rather than directly from the federal government, is referred to as the subrecipient. The organization sending the funds is referred to as the ‘pass-through’ organization.
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Sep 16, 2024
While financial statement audits are mandatory for many organizations, a review or compilation may meet the needs of some. Understanding the differences between an audit, review, and compilation can help your organization select the best engagement to meet your financial reporting goals.
Audit, Review, and Compilation – Key Differences
Audit
