Differences in Audit Opinion

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The independent auditors of the American National Red Cross offer an audit opinion that shows the entity's financial statements depict its financial position in the fiscal culminating on 30th June 2022. Also, the audit opinion demonstrates that the financial statements present cash flow results and operations results for the fiscal culminating on 30th June 2021 according to the general accounting principles (GAAS) (The American National Red Cross, 2022). Consequently, the audit opinion rendered on the financial statements for a for-profit business consent with the above audit opinion for a non-profit entity. A for-profit business's auditor opinion also seeks to appraise the fair depiction of financial records in all aspects according to the GAAS framework or acceptable financial stipulations.
There are notable differences between the American National Red Cross financial statements and for-profit statements. There are two evident net assets categories in the non-profit entity financial statement for the fiscal culminating on 30th June 2022: "donor restrictions net assets" and "without donor restrictions net assets." Generally, the total net assets totaled $ 3,872,182, with $...