Not-for-Profit Audit Committee Best Practices非盈利审计委员会最佳实践

2005-11  

吉林长白山  

Ruppel, Warren  

166  

　　Due to recent， very public accounting scandals and the resulting Sarbanes-Oxley Act and other regulations， public companies have strict guidance on financial governance and accounting， including the functions and responsibilities of audit committee members。 Though not-for-profit organizations are subject to increased scrutiny， there has been no detailed guidance for their audit committees。 This book fills the void and helps not-for-profit organizations answer these questions：　　In today's skeptical environment， how can responsible financial governance and reporting reassure wary donors and supporters， and perhaps give the organization a competitive advantage？　　How should the audit committee be structured？　　Which Sarbanes-Oxley requirements （if any） should the audit committee adopt？　　Which best practices best fit the organization’s structure and financial reporting needs？　　　　Complete with checklists， sample questions， and an index for quick reference， Not-for-Profit Audit Committee Best Practices covers:　　Different types and unique characteristics of not-for-profit organizations　　The audit committee’s role in preventing and detecting fraud　　Important internal controls and the internal audit function　　The relationship of the audit committee and the independent auditor　　This heads-up， hands-on guide helps audit committee members select and structure appropriate best practices and function in the most effective manner for their unique not-for-profit organizations。 It’s also a valuable reference for board members， managers， independent auditors， and advisors of not-for-profit organizations。 　　Since not-for-profits are not required to comply with Sarbanes-Oxley， they have the advantage of being able to select from alternative ways of functioning。 Not-for-Profit Audit Committee Best Practices helps audit committee members select from various best practices to tailor the functioning to their particular circumstances。

Preface xi1　Background and Regulatory Issues 　Types of Not-for-Profit Organizations Covered by This Book 　Unique Characteristics of Not-for-Profit Organizations 　Financial Reporting Environment of Not-for-Profit Organizations　Users of Not-for-Profit Organization Financial Statements 　Regulatory Environment of Not-for-Profit Organizations 　Summary 2　Establishing an Audit Committee and Determining Its Charter 　Charter and Bylaws Review 　Audit Committee Members 　Number of Audit Committee Meetings 　Meeting Attendance 　Minutes of Meetings 　Designation of Committee Chair 　Designation of a Committee Secretary 　Terms of Audit Committee Appointments 　Staggering Audit Committee Member Terms 　Annual Review and Reporting of Audit Committee Activities 　Ability to Hire Outside Counsel and Other Advisors 　Conflicts-of-Interest Statements 　Summary 3　Responsibilities of Internal Control over Financial Reporting Internal Control Basics Risks of Management Override of Controls Relationship of Internal Control to Financial Reporting Options for Reporting by Management and Independent Auditors on Internal Control Summary 4　Understanding and Addressing the Risks of Fraud Definition of Fraud Fraud in Relation to Financial Reporting 　The Audit Committee’s Role in Preventing and Detecting Fraud 　Fraud Risk Factors to Consider 　Summary 5　Defining the Role of the Internal Audit Function 　Definition of an Internal Audit Function 　Relationship of the Audit Committee to the Internal Audit Function 　Internal Audit Function’s Role in Supporting Management Assertions about　Internal Control 　Summary 6　Establishing an Effective Whistleblower Program Sarbanes-Oxley Requirements for Audit Committees Relative to　Whistleblowers Protecting Whistleblowers from Retaliation Summary 7　Audit Committee’s Relationship with the Independent Auditor Defining the Broad Relationship of the Audit Committee and the　Independent Auditor Procuring the Services of an Independent Auditor Understanding the Independent Audit of Financial Statements Monitoring the Independence of the Independent Auditor Communications Received from the Independent Auditor Optional Attestation about Management’s Assertions Regarding Internal　Control over Financial Reporting Summary 8　An Audit Committee Action Plan 　Holding an Organizational Meeting 　Reviewing the Audit Plan with the Independent Auditor 　Reviewing the Audit Results and Draft Financial Statements 　Reviewing the Independent Auditor’s Management Letter and AddressingInternal Control Issues 　Holding Executive Sessions 　Summary Index

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