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Revitalize Your Audit Committee Charter: A Self-Evaluation for Not-For-Profit Organizations
Posted by Tracey McDonald on Tue, Jun 20, 2017 @ 12:47 PM

Audit committees for not-for-profit organizations do much more than what their name suggests. In addition to their primary focus of overseeing all aspects of the audit process, they are increasingly  tasked with oversight of the not-for-profit’s enterprise risk management process and other risk mitigation activities.

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Topics: Audit Committee, Non-profits, Not-for-Profits, NFP, audit risk, Not-For-Profit Risk Management, ERM

How to Modernize Your Audit Committee
Posted by David Brown on Wed, Oct 28, 2015 @ 01:36 PM

One needs only to look at the changes in the AICPA’s not-for-profit audit committee toolkit to understand the evolving responsibilities of the audit committee. The AICPA had previously recommended that not-for-profit audit committees monitor the financial reporting process and external auditors, perform internal audit functions and meet legal and/or regulatory requirements. The AICPA toolkit for 2015, the third edition, recommends roles and responsibilities beyond just hiring and communicating with the outside auditor. It suggests not-for-profit audit committees assess their internal audit function’s qualifications (if there is one), independence and performance and assist with their organization’s risk management and governance functions. The toolkit comes with Microsoft Word files of all the tools so you can modify and customize to fit your committee’s needs.

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Topics: David Brown, Audit Committee

Best Practices of Effective Audit Committees
Posted by Brendan Donovan on Fri, Aug 15, 2014 @ 09:08 AM

An effective audit committee can be your not-for-profit organization’s best friend, safeguarding its most valuable asset: its reputation. Audit committees are tasked with providing experience, oversight and direction. Well-run committees ensure that management implements and follows an effective system of internal controls, and that outside auditors objectively assess the organization’s financial reporting practices. Through these and related efforts, audit committees strengthen their organizations by protecting their integrity, financial health and long-term viability. 

As not-for-profits face increased scrutiny – from the IRS; local, state and federal government; and from donors – the pressure on today’s audit committees is extraordinary. Each member understands it is his or her responsibility not only to prepare accurate financial statements, demonstrate responsible financial management, maintain regulatory compliance and manage operating risks, but to protect the very essence of the organization.

Committee Composition 

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Topics: not-for-profit, audit, Brendan Donovan, Audit Committee

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