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Jordan set up a nonprofit corporation several years ago to provide scholarships to poor youth in his ...

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Jordan set up a nonprofit corporation several years ago to provide scholarships to poor youth in his ...

Jordan set up a nonprofit corporation several years ago to provide scholarships to poor youth in his community. From a small start, Scholarships Get up and Go Foundation now has assets of over $5 million, and provides about ten university scholarships every year. Jordan is proud of the new doctors, dentists and other health care practitioners that his Foundation has funded.
Jordan is thinking of starting another foundation in an old building that he has purchased. It would be a youth drop in centre, with music lessons, art facilities, basketball facilities in a gym, with linkages to local high schools so that there could be a homework club to encourage good grades.

Required:

A) Why should Jordan have the financial statements of both of these foundations audited?

B) Who would be the users of the financial statements of the foundations?

C) What other types of services could PAs provide to Jordan and the foundations?

Textbook

Auditing: The Art and Science of Assurance Engagements, Canadian Edition

Edition: 12^th

Authors: Arens, Elder, Beasley, Splettstoesser

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