FASB and PCAOB Similarities .docx

FASB and PCAOB Similarities .docx - Whats similarities...

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What’s similarities? FASB/AICPA standards– Apply to not-for-profits although some FASAB standards may be unique to not for profits, basically they are treated like a separate industry. PCAOB doesn’t apply since not for profits are not public companies. Risk management functions –Reputation is critical to fundraising. Program risk varies by mission and drives extent of risk management function. Fraud prevention. Cash flow – management of cash flow and debt-financing requirements Accountability to stakeholders – stakeholders vary by type and mission of organization but not-for-profit must remain accountable.
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