Underneath SOX, private corporations are essential to possess procedures in spot for handing complaints abut the corporations accounting and audit procedures. This can be however a different “best practices” common that quite a few nonprofits are adopting voluntarily.
When you adopt theses standards, your audit committee is accountable for preserving policies in regards to the disposition of complaints in regards to the nonprofit. It is also essential to possess procedures in spot for receiving confidential and anonymous complaints by personnel.
The audit committee serves as a resource for personnel, management, and auditors, together with for the nonprofit’s constituency. Together with the complaint function, the audit committee complements whistle-blower provisions place forth by SOX.
