Not-for-Profit Audit Committee Best Practices - Hardcover

Ruppel, Warren

Hardcover

ISBN 10: 0471697419 ISBN 13: 9780471697411

Publisher: Wiley, 2005

Synopsis

How can not-for-profit organizations be sure they play by the rules when the rules aren't clear?

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.

About this title

About the Author

WARREN RUPPEL, CPA, has over twenty-five years of experience in governmental and not-for-profit accounting. He is the Director of The Government Services group of Marks Paneth & Shron, LLP in New York. He began his career with KPMG in 1979, and joined Deloitte & Touche in 1989. Mr. Ruppel has also served as the chief financial officer of an international not-for-profit organization and as the assistant comptroller responsible for the accounting and financial reporting for the City of New York. He was the secretary of the city's audit committee for over ten years. He is the author of many Wiley books, including GAAP for Governments, Governmental Accounting Made Easy, and Not-for-Profit Accounting Made Easy. Mr. Ruppel is the Chair of the Audit Committee of the New York State Society of CPAs. He is a past president of the New York chapter of the Institute of Management Accounts, and a member of the Government Finance Officers Association where he serves on the Special Review Committee.

From the Back Cover

How can not-for-profit organizations be sure they play by the rules when the rules aren't clear?

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.

From the Inside Flap

The recent flagrant accounting and reporting abuses by several large public companies cast a shadow of suspicion on all organizations, including not-for-profit entities. The resulting regulations and legislation, including the Sarbanes-Oxley Act, established stringent standards for the audit committees of public companies. While the letter of the law doesn't apply to not-for-profit entities, increasingly they are finding that they must adopt strict standards in order to satisfy donors, potential donors, supporters, and other stakeholders. However, there is no set of rules for audit committees of not-for-profit organizations.

This book helps not-for-profit organizations cut through the chaos and confusion, analyze various proven financial and reporting methodologies, and implement the best practices and safeguards that best fit their organizations. Written in plain language, it is a straightforward, authoritative reference for those serving not-for-profit organizations, including audit committee members, individuals serving on boards of directors, managers, independent auditors, and legal advisors. It covers:

• An overview of the operating environment and financial reporting function
• Guidelines for establishing an audit committee
• The best uses of an internal audit function
• How to implement an effective whistleblower program
• The audit committee's relationship with the independent auditor
• Creating an effective audit committee action plan

Complete with checklists for various activities of auditing committees and sample questions for committee members to ask, this book provides guidance on financial governance and reporting and helps not-for-profit auditing committees adopt and implement the best practices tailored for their organizations.

Edition details

• Publisher: Wiley
• Publication date: 2005
• Language: English
• ISBN 10: 0471697419
• ISBN 13: 9780471697411
• Binding: Hardcover
• Edition number: 1
• Number of pages: 176