• Effective Audit Committee Guide

How Should an Effective Audit Committee be Governed?

An audit committee should adopt a formal written charter that is focused on the mission of the audit committee. 

How Much Time Should an Audit Committee Member Spend on Committee Work?

The complexity of the organization’s activities, its stage of development and magnitude of its issues will determine the audit committee’s agenda.

How Does One Maximize the Benefits in Conducting Audit Committee Meetings?

The audit committee needs to participate in the agenda-setting process up front along with other appropriate individuals e.g., external and internal auditors and management , and the audit committee chair needs to preside over these meetings to ensure adherence to this agenda.

NACD’s “Ten Principles of Effective Audit Committee Oversight”

The NACD Blue Ribbon Commission on the Audit Committee recommends the following principles that it believes provide “a foundation for engaged, effective audit committee oversight.”

How Should an Audit Committee Evaluate its Own Effectiveness?

We believe that an audit committee should conduct an annual assessment of its own effectiveness. There are a number of ways to conduct this self-assessment.

How Should an Audit Committee Remain Current with Regard to Technical Guidance?

We believe that an audit committee should conduct an annual assessment of its own effectiveness. There are a number of ways to conduct this self-assessment.

Resources

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Contacts

Andrea Espinola Wilson.
Andrea Wilson Managing Partner; Industry Specialty Services National Co-Leader, Nonprofit & Education Practice 703-752-2784
Adam Cole
Adam Cole Managing Partner 212-885-8327
Laurie De Armond.
Laurie De Armond Assurance Office Managing Partner; Institute for Nonprofit Excellence Executive Director 703-336-1453
Marc Berger
Marc Berger National Director, Nonprofit Tax Services 703-336-1420
Lee Klumpp
Lee Klumpp National Professional Practice Partner – Nonprofit and Government Industries 703-336-1497
See all contacts

Nonprofit Standard Newsletter

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We Wrote The Book

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How to Read Nonprofit Financial Statements: A Practical Guide is a key resource that will help you read, interpret, and use nonprofit financial statements.
 

Video Series: Nonprofit Voices

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Resources

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Webinars

November 10, 2022
Please join BDO for a webinar that will provide an examination of the recent reports from a selection of USG OIGs and Single Audit results. Panelists will review and analyze common trends and challenges identified for federal grant recipients. Additionally, BDO experts will break down the most common findings and provide examples of common controls, best practices, and mitigation techniques.