The Structure of a Finance or Audit Committee

The Structure of a Finance or Audit Committee

The make-up of the finance or audit committee will have various sections that constitute the fundraising, nominating, program, budget, and finance committee. These are divisions under the committee that work together with different functions to fulfill the principal objectives of the organization by mobilizing, collecting, and allocating funds for different organizational functions.

The roles of the committee are numerous. Financial planning and budgeting that constitutes the development of an annual budget for the staff, orphans and other organizational expenses is a principal role. The budget must be approved by the finance committee and a subsequent monitoring process shall follow. The committee shall also develop readable reports using formats that are familiar to the staff. The committee shall also work with the staff to understand different operations in the organization. The committee shall oversee the organization’s accountability policies and internal controls. The controls and policies shall encompass the creation, approval and updating of the policies that ensure asset protection. The committee shall also ensure proper documentation of financial transactions in a structured manual.\

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