Through the literature review based research undertaken for the purpose of the research paper, it has been determines that the GAAP provides specific accounting policies and procedures for both the nonprofit organizations as well as the government run businesses and entities. These accounting policies have customized provisions for the respective business types and their industry of operations. However they are both required to subject to an annual periodical review of the business called the audit.

The FASB provides the audit and GAAP guidelines for the nonprofit organizations while the FASAB and the GAO provide the GAAP guidelines and audit provisions for government administrated businesses entities. The audit that can be under taken on the nonprofit organizations and the government entities can be either financial, performance based or investigative in nature where the focus is wither of wastage of resources or fraudulent/ abusive activity.

Conclusively it can also be provided that the presence of an annual audit requirement is beneficial in the long run for both the nonprofit organizations as well as the government entities. This is because the it provides transparency of records and operations for the NPO’s and government entities to the stakeholders and the public therefore increasing investor confidence and providing aid in the generation of funds and resources for operating the business. The management effectiveness and the efficiency of the operations are also accessed and compared with industry standards which can help increase the efficiency of the business operations for both the non profit organizations and the government entities.

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