The New England Not-For-Profit Accounting Advisor

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.

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

Users of not-for-profit financial statements want transparency, and emerging reporting requirements aim to provide it. Recent updates from the federal government and from Financial Accounting Standards Board (FASB) require more visibility into how not-for-profit organizations manage their resources. Not-for-profits need to monitor these updates and what they mean not only for their current year-ends, but for future reporting practices. Several requirements effective now and with impending effective dates will likely be key points for the auditor of your financial statements.

 

Topics: audit, Not-for-Profits, audit risk