Not-for-Profit Audit Committee: Financial Reporting Oversight

Oversight of financial reporting is one of the primary responsibilities of an effective audit committee. Related activities include reviewing various financial reports, accounting policies, and management and auditor communications; conducting inquiries and analyses; and understanding accounting and regulatory requirements, recent industry developments and trends, information technology, and internal controls relevant to the organization and its financial reporting. Together with the oversight of internal audit, financial statement audit, and risk management, these activities help the audit committee to promote good financial