What entities, both non-profit and for profit, are required to own an independent audit? In disbursing state funds to organizations, both profit and non-profit ,


In disbursing state funds to organizations, both profit and non-profit , can I force them to enjoy an independent audit?

Answer:
Companies requireing "independent audit":

--all publicly traded corporations
--all publicly traded partnerships
--all corporations applying for public trade
--insurance companies
--joint stock companies
--joint stock associations
--banks near FDIC deposits
--companies wholly owned by the governing body

--any company presumed to be a corporation based on their goings-on but not formally incorporated

Companies requireing audit by the GAO:

--all federal government office reporting financial data to any Congressional extremity or committee

I can't find the requirements for reviews, but I believe corporations are required to have a quarterly "review" 3 times afterwards an annual audit.

Any company can have an audit "review" and the standards for the review will be considerably relaxed.


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