Article Archives >> Ready Reference >> January/February 2003
Preview of Article:
Charities Consider Role for Audit Committee
Although Sarbanes-Oxley rules apply only to publicly traded businesses, nonprofits are beginning to look to its standards for "best practice" guidelines.
Excerpt:
Although the Sarbanes-Oxley statute passed last summer
to improve financial statement reporting in response to the for-profit
debacles applies only to publicly traded for-profit companies, it is
beginning to set standards for "best practices" for larger
charities.
Drexel University in Philadelphia claims to be the first large charity to amend its bylaws to require that its Audit Committee be composed entirely of "independent" directors.
Article Archives >> Ready Reference >> January/February 2003
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