Not-for-Profit Audit Committee Internal Control Checklist

The audit committee’s role within an entity’s internal control system focuses on internal controls over financial reporting and the processes in place to design, implement, and monitor the entity’s broader system of internal control. The audit committee is also responsible for assisting the board in its oversight of internal controls, risk management, and overall governance process. This can be achieved through the committee’s interaction with senior management, independent auditors, internal auditors, and other key members of the financial management team.