audit in non profit organization

OPERATIONAL AUDITING: ACCT 476 / CCAU 525

Internal Auditing in Not-For-Profit
Organizations

TABLE OF CONTENTS

ABSTRACT: .....................................................................................................................................................................2
INTRODUCTION ..............................................................................................................................................................2
SECTION I: CORPORATE GOVERNANCE ..........................................................................................................................3
1. CORPORATE GOVERNANCE REFORMS RELEVANT TO NPOS ....................................................................................................3
2. AUDIT COMMITTEES OF NPOS........................................................................................................................................4
3. RECOMMENDATIONS ....................................................................................................................................................5
SECTION II: RISK MANAGEMENT.....................................................................................................................................6
1. ABSENCE OF RISK MANAGEMENT IN NPO .........................................................................................................................6
2. REASONS FOR RISK MANAGEMENT IN NPO .......................................................................................................................7
3. PROCESS OF RISK MANAGEMENT IN NPO .........................................................................................................................8
SECTION III: INTERNAL CONTROLS................................................................................................................................10
1. AN ILLUSTRATIVE EXAMPLE

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