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Audit committee work within the nonprofit organization
- 2. Theboard
The managementteam
The internal auditdepartment
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An effective audit committee works with a variety
of groups within the not-for-profit organization:
- 4. The audit committee and the board
The audit committee fulfills some of the board's
responsibilities for risk management and
financial oversight.
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- 5. The audit committee and management
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Management creates and maintains internal
controls. The audit committee must understand if
they're designed andimplemented
adequately — supported by internal and external
auditors' findings and recommendations.
- 6. The audit committee and internal audit
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The audit committee should work with
internal auditors in much the same way as with
external auditors.
And internal audit should be directly
accountable to the audit committee.
- 7. The audit committee and other groups
While working collaboratively with
management, and internal and external
auditors, the audit committee is
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independent of each of thesegroups
and must come to its own conclusions.
- 8. See our not-for-profit audit committee + board guidebooks for
roles, responsibilities and operating procedures.
grantthornton.com/nfpauditguide
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