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Responsibilities of Not-For-Profit Boards and Audit Committees

The following items are excerpts from the our Not-For-Profit Group’s recent “Not-For-Profit Accounting” Presentation made to a panel of Nonprofit Executives…..

Key Responsibilities of Board of Directors

  • Control environment – Set the tone from the top (attitude)
  • Developing, implementing, and monitoring proper policies and procedures
  • Compliance with applicable laws and regulations
  • Using resources for an organization’s stated purpose and mission – not engaging in unauthorized activities
  • Help ensure financial viability of the organization
  • Liaison with the community

Key Responsibilities of the Audit Committee

  • Liaison between both Board and Auditor, as well as between Management and the Board
  • Provide assistance to the Board of Directors
  • Help ensure integrity of financial reporting
  • Communication with Management
    • Meet with management to review and monitor results relating to maintaining internal controls and preparing financial reports (monthly or quarterly)
    • Take proactive role with management and auditors in creating and reviewing internal controls over financial reporting and fraud prevention
  • Communication with Auditor
    • Communication during the planning stage
    • Financial Statements
    • Communication with “Those Charged with Governance” (SAS 114)
    • Management Letter, Communicating Internal Control Related Matters (SAS 115)
    • Form 990
  • Auditor bidding and rotation

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