So you formed an Audit Committee or have just accepted a position as a member of a not-for-profit’s Audit Committee – now what? Although not-for-profits are not subject to Sarbanes-Oxley, many not-for-profits have implemented a number of the standards included in Sarbanes-Oxley. As a result many not-for-profits have established independent Audit Committees, but just what are the responsibilities of the Audit Committee?
The following excerpt from The NonProfit Times summarizes the key responsibilities of the Audit Committee.
The key audit committe responsibilities
by The NonProfit Times - January 29, 2014
Although the very word “committee” can send people running for the exits, they are necessary in many areas of nonprofit operations. One such area is audits.
During the AICPA Not-for-Profit Industry Conference, Frank Kurre, New York office managing partner for Grant Thornton LLP, and Donna O’Brien, president of Community Healthcare Strategies, presented a list of the responsibilities of audit committees.
Those responsibilities cover several areas, including external audit and business risk assessment mitigation.