8-1 Discussion: Nonprofit vs. For-Profit Statements

First, search the internet for the official website of a nonprofit organization that interests you. When you review this website, locate the latest financial statements. Use the financial statements you locate to answer the following questions:

• How does the audit opinion given to this nonprofit entity by its independent auditors differ from the audit opinion rendered on the financial statements for a for-profit business?
• What are some significant differences you see between the report you just reviewed and a for-profit statement?