Audit committee guide for nonprofit organizations
The role and responsibilities of an organization's audit committee have received considerable attention in recent years following several public financial and compliance reporting incidents. In response, more comprehensive regulations have been established to improve the integrity and reliability of financial statements. With a higher level of public and government scrutiny, it has never been more important for the audit committee to be informed regarding organizational activity and vigilant in enforcing guidelines.
Unfortunately, one size does not fit all when establishing the size and structure of an audit committee. The committee must have a complete understanding of the organization's unique programs, operations and governance policies to be a sufficient check and balance over management. Find out how to establish a "tone at the top" and ensure that your organization has the resources and capacity to effectively manage the financial and compliance reporting process.
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