Not-for-Profit Audit Committee Best Practices

How can not-for-profit organizations be sure they play by the rules when the rules aren't clear? Due to recent, very public accounting scandals and the resulting Sarbanes-Oxley Act and other regulations, public companies have strict guidance on financial governance and accounting, including the functions and responsibilities of audit committee members. Though not-for-profit organizations are subject to increased scrutiny, there has been no detailed guidance for their audit committees. This book fills the void and helps not-for-profit organizations answer these questions: * In today's skeptical environment, how can responsible financial governance and reporting reassure wary donors and supporters, and perhaps give the organization a competitive advantage? * How should the audit committee be structured? * Which Sarbanes-Oxley requirements (if any) should the audit committee adopt? * Which best practices best fit the organization's structure and financial reporting needs? Complete with checklists, sample questions, and an index for quick reference, Not-for-Profit Audit Committee Best Practices covers: * Different types and unique characteristics of not-for-profit organizations * The audit committee's role in preventing and detecting fraud * Important internal controls and the internal audit function * The relationship of the audit committee and the independent auditor This heads-up, hands-on guide helps audit committee members select and structure appropriate best practices and function in the most effective manner for their unique not-for-profit organizations. It's also a valuable reference for board members, managers, independent auditors, and advisors of not-for-profit organizations.

How can not-for-profit organizations be sure they play by the ruleswhen the rules aren't clear?Due to recent, very public accounting scandals and the resultingSarbanes-Oxley Act and other regulations, public companies havestrict guidance on financial governance and accounting, includingthe functions and responsibilities of audit committee members.Though not-for-profit organizations are subject to increasedscrutiny, there has been no detailed guidance for their auditcommittees. This book fills the void and helps not-for-profitorganizations answer these questions:* In today's skeptical environment, how can responsible financialgovernance and reporting reassure wary donors and supporters, andperhaps give the organization a competitive advantage?* How should the audit committee be structured?* Which Sarbanes-Oxley requirements (if any) should the auditcommittee adopt?* Which best practices best fit the organization's structure andfinancial reporting needs?Complete with checklists, sample questions, and an index for quickreference, Not-for-Profit Audit Committee Best Practicescovers:* Different types and unique characteristics of not-for-profitorganizations* The audit committee's role in preventing and detectingfraud* Important internal controls and the internal audit function* The relationship of the audit committee and the independentauditorThis heads-up, hands-on guide helps audit committee members selectand structure appropriate best practices and function in the mosteffective manner for their unique not-for-profit organizations.It's also a valuable reference for board members, managersindependent auditors, and advisors of not-for-profit organizations.

Preface.1. Background and Regulatory Issues.2. Establishing an Audit Committee and Determining ItsCharter.3. Responsibilities of Internal Control over FinancialReporting.4. Understanding and Addressing the Risks of Fraud.5. Defining the Role of the Internal Audit Function.6. Establishing an Effective Whistleblower Program.7. Audit Committee's Relationship with the IndependentAuditor.8. An Audit Committee Action Plan.Index.