Not-for-profit audit committee guidebook
Audit committees exist to help the board maintain the organization’s overall integrity, financial credibility and long-term viability. A sharpened focus on accountability, compliance, transparency and ERM has brought the role of the audit committee into the public eye. Ensuring that the organization prepares accurate financial statements, exercises responsible financial management, maintains compliance with laws and regulations, and manages operating risks effectively are critical tasks for every audit committee member.
Understanding that your role as an audit committee member is both rewarding and challenging, Grant Thornton LLP has created this guidebook to provide an overview of the composition, functions and duties of an audit committee.
What’s in the guidebook?
- Basic roles and responsibilities
- Users of financial statements
- The insider’s perspective: Working within a not-for-profit organization
- Working with external auditors
- The monitoring function of the audit committee