How can not-for-profit organizations be sure they play by the ruleswhen the rules aren't clear? Due to recent, very public accounting scandals and the resultingSarbanes-Oxley Act and other regulations, public companies havestrict guidance on financial governance and accounting, includingthe functions and responsibilities of audit committee members.Though not-for-profit organizations are subject to increasedscrutiny, there has been no detailed guidance for their auditcommittees. This book fills the void and helps not-for-profitorganizations answer these questions: * In today's skeptical environment, how can responsible financialgovernance and reporting reassure wary donors and supporters, andperhaps give the organization a competitive advantage? * How should the audit committee be structured? * Which Sarbanes-Oxley requirements (if any) should the auditcommittee adopt? * Which best practices best fit the organization's structure andfinancial reporting needs? Complete with checklists, sample questions, and an index for quickreference, Not-for-Profit Audit Committee Best Practicescovers: * Different types and unique characteristics of not-for-profitorganizations * The audit committee's role in preventing and detectingfraud * Important internal controls and the internal audit function * The relationship of the audit committee and the independentauditor This heads-up, hands-on guide helps audit committee members selectand structure appropriate best practices and function in the mosteffective 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.