Public and Not for Profit Accounting

A municipal village or a nonprofit organization solicits bids for the annual audit from local audit firms, and the firm with the lowest bid is selected.

Answer the following questions regarding the given scenario:

• Is this the most prudent choice of auditor for the organization?
• What should the managers take into consideration when attempting to identify a suitable audit firm?
• Discuss whether or not the lowest bid is always the best option.

Use APA style in the body of your posting as well as in the reference section.

In your own words, post a substantive response to the Discussion Board question(s) and comment on other postings. Your response should address the DB question(s) and move the conversation forward. You will be graded on the quality of your postings, including mastery of the concept as well as critical thinking. If asked for your opinion, do not simply state that it is a good or bad idea; elaborate on your reasons and argument. Include enough detail to substantiate your thinking as well as your position on the questions or comments.

This assignment will be assessed using additional criteria provided here.

For assistance with your assignment, please use your text, Web resources, and all course materials.