The effective not-for-profit audit committee works with the board to understand roles and responsibilities of groups they work with, and to be clear about organizational operating procedures. Here are a few pointers from our guidebook.

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Direction for audit committee members
of not-for-profit boards

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An audit committee exists
to help the board of directors
maintain the organization’s
integrity, financial credibility
+ viability.

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The audit committee instills stakeholder
confidence in the organization’s financial and tax
status, internal controls, risk management
and compliance procedures.
Members work with various groups
and must understand all relationships

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Working with the board
The audit committee fulfills some board
responsibilities for risk management and
financial oversight.

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Working with management
The audit committee must understand if
management’s internal controls are adequately
designed and implemented
(supported by findings + recommendations from
internal + external auditors). >> Download the guide

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Working with internal audit
The audit committee must have much the
same relationship with internal audit as
it has with external audit.
The audit committee must have direct
accountability from internal audit.

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Working with management
+ internal audit
The audit committee must be both collaborative
with and independent of management + internal
audit (+ external audit).

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See our audit committee + board guidebooks for
roles, responsibilities and operating procedures.
Download the guide.
grantthornton.com/nfpauditguide
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Check out the guide for boards.

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