Although not required by the IRS, the new Form 990 includes inquiries that emphasize the need for a strong and effective Audit Committee to assist the board in assessing risks and overseeing financial reporting. An Audit Committee does not have the same responsibilities as a Finance Committee, which is responsible for establishing internal controls, overseeing financial reporting and establishing accounting, control and financial reporting policies for the organization. The Audit Committee, on the other hand, is responsible for assessing, resolving and monitoring overall corporate risks at all levels in the organization, including the risks associated with financial reporting, internal controls and accounting.
 
Alerding Not-For-Profit has all of the tools necessary to assist the board in establishing an Audit Committee, providing the Audit Committee with its charge and in identifying the types of expertise that best fit the needs of an active and effective Audit Committee. We provide model charters, meeting agendas, timelines and checklists for identifying risks. These are very valuable tools, especially to those not-for-profit entities that have not established an Audit Committee or have never had experience in working with an Audit Committee.