Video Podcast: The Purposes and Roles of the Audit Committee
Ben and Mike discuss why nonprofit organizations have audit committees, their traditional role throughout the annual audit process, the importance of the Board's perception of an audit committee's purposes, how the independence of the audit committee can serve nonprofits in expanded ways, and more.
PREVIEW SHORTER CLIP:
FULL 30-MINUTE VIDEO:
CHAPTERS:
00:00 - Intro
00:19 - The role and purpose of an audit committee in general
01:48 - The life cycle of the audit process: first meeting with auditors
02:08 - The life cycle of the audit process: risk assessment meeting with auditors
04:31 - The life cycle of the audit process: field work meeting with auditors
05:02 - The life cycle of the audit process: going over drafts of the audit report and considering auditor continuance
06:16 - The authority typically delegated to the audit committee
08:27 - Best practices in the structure and composition of an audit committee
13:12 - An audit committee's usual tasks
16:52 - When the audit committee typically begins its annual tasks
19:12 - The importance of the perception of the audit committee
22:05 - Other roles where the independence of an audit committee can be helpful
26:26 - Organizations that don't have a separate audit committee
