Review the latest audited financial statements


Question: As the Finance Manager of a local community centre which runs programs for newcomers. You decide to review the latest audited financial statements of the community centre, as they are amidst a funding transition that is now seeing the government provide 50% of the centre's total revenue. You wonder if there's anything you should be concerned about. You read the preamble the external audit firm provided and notice they've provided a "qualified opinion" on the financial statements. You decide to review the latest audited financial statements of the community centre. You wonder if there's anything you should be concerned about. Last year ended with a very large surplus. You should have no concerns about this if: (select the best answer) The centre received a very large unexpected donation Some of the other local programs have recently closed their doors The centre ran a small deficit the year before The number of volunteers continues to steadily grow year over year

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Accounting Basics: Review the latest audited financial statements
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