Building a stronger internal audit function
Abstract: In recent years, nonprofits have been the target of increased scrutiny over governance, accountability and compliance. Despite this, many organizations dismiss the importance of their internal audit function. This isn’t a wise move. Tight budgets notwithstanding, nonprofits can’t afford mistakes or fraud incidents as a result of a weak or nonexistent internal audit function. This article describes the role of internal audit, what the auditors do, and factors that ensure the effectiveness of the internal audit function. A sidebar notes that savvy organizations have also begun to tap internal audit for strategic purposes.