Not for Profit Organization Board of Directors – Audit Committee, by Sherri Rose, Nonprofit Auditor

The board is responsible for their own policies and procedures, like having all board members sign a related parties disclosure and code of conduct. The board is also responsible for establishing the audit committee and defining the committee’s responsibilities. The audit committee is comprised of members of the board of directors and is answerable directly to the board. Generally the audit committee is responsible for oversight of the financial reporting processes. This includes risk management, internal controls, monitoring and communication. As a nonprofit auditor I consider all these risk during the risk assesment phase of the audit. Risk Management: Risk management is done at the b

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