Get in shape – How to form — or improve — an audit committee
Abstract: Some states require not-for-profits with a certain level of annual revenue to have an audit committee in place. Others strongly encourage it. But, even without regulatory prodding, forming an audit committee allows nonprofits an opportunity to get financial experts involved who have knowledge of the audit process. But it’s important to adopt best practices, and make sure that participants are independent and have the right financial backgrounds.