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What does an Auditing Committee do for a non-profit?
I have been asked to volunteer and be on the Auditing Committee for a small, non-profit, organization. I have never been on an Auditing Committee, but I have taken a couple of accounting classes in college. However, these classes seemed to focus more on private and public companies.
What are my essential duties and what can be expected of me at our first meeting? What can I expect for a non-profit audit?
1 Answer
- GOLDMANLv 49 years agoFavorite Answer
congrats in your role on the audit committee. your role is very similar to private and for profits. its really NO different actually. you will be validating and ascertaining whether BOTH funding and expenditures are appropriate, valid and reasonable, per established by-laws, principles or rules as set forth by the audit committee. you provide important oversight and controls to ensure that sound accounting procedures are being followed and adhered to, while ensuring there is no fraud, misrepresention, illegal activities and the like, taking place, which would be contrary to the organization's overall mission and goal statement. Hope this helps.
Source(s): FACT
