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April 2016 » Changing and Enhancing Not-For-Profit...
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Mike Burns
Over the last several years, audit committees have fine-tuned their oversight relative to internal controls and financial reporting, but as this process has matured, many committees are asking broader questions about risk and risk oversight. In fact, audit committees are increasingly charged with understanding overall risks, assessing which risks are the most important, and making sure that the existing management and governance structures are designed to mitigate, manage, and oversee these risks. This evolution corresponds to changes in the not-for-profit risk environment as a whole. Financial statement audits still provide a baseline of the relative accuracy of an organization's financials and areas for improvement, but the focus on such is still more limited than most entities need. Audit committees increasingly use a more formalized enterprise risk assessment process to improve management and oversight of the organization. Such a comprehensive assessment can provide a road map to areas that might not be currently woven into the governance culture. Key areas in this work include information technology (IT) risk, insurable risks, and risks associated with employee benefit programs.
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