Does your organization have an audit committee?  Does it need one?  When the Sarbanes-Oxley Act was signed on July 30, 2002, significant changes to financial practices and governance regulations were introduced.  Although not directly applicable to the nonprofit sector, some common sense applications can be adopted by nonprofits.  One such regulation relates to establishing an audit committee, a process for electing audit committee members, and a method for maintaining adequate reporting procedures. Click on Full Article to read more.
 

By Rosalie Miller, CPA