Ten Tips for Audit Committees of Not-for-Profit Organizations

KPMG has put together an excellent tip sheet on audit preparation for not-for-profit organizations.

The tips can be found in brief below, but visit the full tip sheet at KPMG’s website to view each “to do” item in detail.

KPMG’s Ten To-Do’s for Audit Committees of Not-for-Profit Organizations

  1. Stay focused on the audit committee’s top priority: financial reporting and related internal control risk.
  2. Stay on top of the first year audited financial statements applying the accounting framework.
  3. Continue to monitor accounting judgments and estimates, and prepare for accounting changes.
  4. Consider whether the audit committee has the right mix of talent.
  5. Consider whether the financial statements and disclosures tell the organization’s story.
  6. Focus risk governance efforts on reviewing reputational risk identification and management efforts.
  7. Consider updating policies. In almost all processes, IT developments are leading to rapid increases in electronic transactions.
  8. Understand how technology change and innovation are transforming the business landscape – and impacting the organization.
  9. Focus on the organization’s plans to grow and innovate.
  10. Reassess the organization’s vulnerability to business interruption, and its crisis readiness

Click here to view the full KPMG tip sheet.