• Effective Audit Committee Guide

The complexity of the organization’s activities, its stage of development and magnitude of its issues will determine the audit committee’s agenda. In addition, familiarity and experience of the audit committee members with the organization’s operations are important factors in determining adequate time allotment. On average, the audit committee should plan for at least two meetings per year, but that number may be on the “lighter” side, as discussed previously. The audit committee should meet to discuss scheduled matters, such as planning, and the year-end audit, but be prepared to schedule ad hoc sessions as circumstances warrant. Most audit committees try to schedule their meetings to coincide with regular meetings of the board, which may result in a more effective use of time. However, be wary of meetings that are squeezed into other agendas as this is usually an ineffective practice and sends the wrong message as to the tone at the top.

Further thoughts about audit committee meetings and suggestions for their agendas are outlined in Model Audit Committee Meeting Agendas within the Appendix.
 

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.
 

Contacts

William Eisig Atlantic Managing Partner 703-336-1401
Adam Cole
Adam Cole Partner and National Leader 212-885-8327
Laurie De Armond
Laurie De Armond Partner and National Leader 703-336-1453
Lee Klumpp
Lee Klumpp Assurance Director 703-336-1497
Tammy Ricciardella Technical Director 703-336-1531
Marc Berger National Director, Nonprofit Tax Services 703-336-1420
Laura Kalick
Laura Kalick Tax Director 703-336-1492
 
Patricia Duperron National Assurance Practice Director-Governmental 616-776-3692
Andrea Wilson RAS Managing Director 703-752-2784
See all contacts
BDO Institute for Nonprofit Excellence

Events

May 11, 2017
The new Financial Accounting Standards Board, Accounting Standard Update (ASU) 2016-14, Not-For-Profit Entities (Topic 958), Presentation of Financial Statements of Not-For-Profit Entities requires NFPs to disclose the methodology for allocating costs in the notes of the financial statements.
May 30, 2017
In this panel discussion, we will be covering the implementation issues NFPs are facing related to Financial Accounting Standards Boards (FASB) accounting standards update (ASU) on the Presentation of Financial Statements for NFP Entities.