Part 1)

How do audits of governmental agencies differ from those of not-for-profit entities? How are these audits different from those of organizations that operate for profit? Who are the stakeholders for the various audits?

Part 2)

I'll add some information about the stakeholders of the audit. Nonprofits definitely have the donors as an interested party, and investors are major users of for-profit companies. Other users can include creditors, employees, board members, competitors, the SEC (with public for-profits), and other company management local to the entity. There are a lot of folks who rely on audited information to make decisions, so it's very important that the financial statements are presented fairly! Can you think of some other financial statement users?