As we discussed at our 2011 H&S University, nonprofit audit committees continue to evolve. The AICPA has prepared tools for use by nonprofit audit committees and management to assist with the effectiveness of the committees and their interactions with management. These tools cover four general areas: general considerations, management and the organization, internal controls and internal audit and external auditors and resources. The three appendices address other resources for the committees, analytical procedures and a sample audit committee charter. These tools vary in style from a matrix format to questionnaires to narrative guidance.
These tools are provided at no cost by the AICPA and can be downloaded and tailored to your own entity’s specific use. The introductory comments of each tool provide an easy to understand explanation of why the tool is important and how it can be used. Management may find these tools especially helpful in understanding the scope of the audit committee and where it may focus its attention. These tools cover all size entities, so you should approach them with the plan to adjust them to your organization’s needs.
The link below will bring you to the AICPA website page that lists the tools available.