• Effective Audit Committee Guide

Currently, there is debate over the division of responsibilities between the board of directors and other committees of the board (e.g., audit, compensation, finance and nominating committees), specifically with respect to risk oversight. While most agree that risk management is a shared responsibility, many would agree that audit committees should focus on risks related to financial reporting and not be overloaded with an organization’s entire risk matrix. Generally, the full board should oversee the strategic risks facing the organization and the audit committee’s responsibility for risk is narrowed to risks within the audit committee’s core areas of oversight – financial reporting, compliance, IT and sometimes, financial risks.
 

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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; Nonprofit & Education Advisory Practice National Co-Leader 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

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