ABC Auditors Are Auditing Jersey Charities, Which Is Incorporated as a Not-For-Profit

question 34

Multiple Choice

ABC Auditors are auditing Jersey Charities, which is incorporated as a not-for-profit charitable organization. The fiscal year-end is June 30, 20X0. The auditors concluded their work on July 15^th, 20X0 and dated their audit report on that date. On July 20th, a major donor declared bankruptcy, leaving in serious doubt collection by Jersey of material pledges owed. The auditors should:

• A) recall the audit report and re-issue a new one.
• B) issue an amendment to the audit report dated July 20^th.
• C) determine if the financial statements have been made available.
• D) depending on the circumstances, the auditor may choose any of the above.

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Definitions:

Entrepreneurial Behavior

Actions and attitudes indicative of an individual's willingness to take risks and innovate in pursuit of new business opportunities.

Entrepreneurial Capabilities

The skills, knowledge, and attitudes required to identify opportunities, create, and grow successful new ventures.

Team

A group of individuals working together to achieve a common goal or complete a task.

Family Ownership Group

A business organization where the majority of control and ownership lies within a single family, often passed down through generations.