By Warren Ruppel
How can not-for-profit organisations make certain they play by means of the principles while the principles will not be clear?Due to fresh, very public accounting scandals and the ensuing Sarbanes-Oxley Act and different rules, public businesses have strict suggestions on monetary governance and accounting, together with the features and tasks of audit committee participants. even though not-for-profit firms are topic to elevated scrutiny, there was no precise suggestions for his or her audit committees. This ebook fills the void and is helping not-for-profit corporations resolution those questions:* In latest skeptical surroundings, how can accountable monetary governance and reporting reassure cautious donors and supporters, and maybe provide the association a aggressive advantage?* How may still the audit committee be structured?* Which Sarbanes-Oxley standards (if any) may still the audit committee adopt?* Which top practices top healthy the organization's constitution and monetary reporting needs?Complete with checklists, pattern questions, and an index for speedy reference, Not-for-Profit Audit Committee most sensible Practices covers:* differing types and detailed features of not-for-profit agencies* The audit committee's function in combating and detecting fraud* very important inner controls and the interior audit functionality* the connection of the audit committee and the autonomous auditorThis heads-up, hands-on advisor is helping audit committee individuals choose and constitution acceptable top practices and serve as within the prime demeanour for his or her distinctive not-for-profit organisations. it is also a beneficial reference for board individuals, managers, self sustaining auditors, and advisors of not-for-profit enterprises.
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Extra resources for Not-for-Profit Audit Committee Best Practices
In most cases, the administrative needs of the governing board are met in the same way. Therefore, it can be very helpful to designate an individual to serve as the secretary of the audit committee. The role of the secretary should not be viewed solely in as an administrative or traditional type of function. It certainly includes these aspects, but the secretary should also be viewed as the official record keeper of the committee. It’s clear from the numerous topics covered in this book that audit committee members take on a wide range of responsibilities related to their role as audit committee members.
There are two important reasons why the background material on internal control in this chapter is based on this document (which hereafter is referred to as the “control framework”): 1. Independent auditors performing audits of financial statements must comply with generally accepted auditing standards (GAAP), which include requirements as to consideration of internal control. Those auditing standards use the COSO control framework in setting the audit requirements for auditors as to internal control.
If the governing board meets monthly, perhaps the audit committee could convene its meetings to coincide with every other governing board meeting. Planning meetings in advance is certainly the most logical way for an audit committee to function, but there provision also needs to be made for the committee to meet on an ad hoc basis, if necessary, because of specific events or needs that arise. qxd 9/13/05 11:54 AM Page 25 Meeting Attendance 25 BEST PRACTICE Four audit committee meetings per year, with additional meetings for unforeseen circumstances as needed.