An audit is a formal examination of an organization's or individual's accounts or financial situation.  In the nonprofit world, it is used for the purposes of verifying an organization's adherence to generally accepted accounting principles, and can provide good learning opportunities in streamlining systems and improving internal controls.

An NGO that spends more than $750,000 from any US Governmental agency in its fiscal year is required to have an annual audit. This external audit serves as an umbrella audit for all programs funded by the US Government.

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