How Often Should a Nonprofit Audit Committee Meet?
By Eugene Fram
Under “usual” conditions, the audit committee should meet at least twice a year, once just before the annual audit to understand how the audit is going to be conducted and then after the auditor’s management letter has been received. If other major issues arise, such as a major change in the organizations pension plan, more meetings will be required with outside counsel , experts in the area being discussed.
Part of each meeting with the external auditors is held in executive session. This is one of the few times that management is excluded from a meeting. Some boards, in recent years, however, devote some part of most meetings to an executive session. (more…)