Boards often rely on both an audit committee and a finance committee; yet their responsibilities are often misunderstood or overlap in practice. This table explains how the committees differ, where responsibilities typically sit, and how to think about independence and oversight in a not-for-profit setting. The following highlights how the resource can help and who may benefit from it.
Use this resource to
Clarify roles: Understand the typical division of responsibilities between audit oversight and financial planning/treasury oversight.
Strengthen governance: