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An audit report is a formal opinion or disclaimer, generated by an auditor after thoroughly evaluating an entity’s financial records and statements. The primary purpose is to determine whether the financial statements provide a true and fair view of the organisation’s financial position and performance, typically over a financial year. The report provides stakeholders, such as investors, creditors, and regulatory bodies, with a critical assessment of the accuracy and reliability of the financial information presented by the entity, which aids in decision-making processes.
Meeting minutes serve as a legal record of what occurs in a not-for-profit board meeting and can be admissible as evidence during court proceedings. Naturally, board members are responsible for assigning a responsible person to write down motions and approved actions made by directors. Typically, the secretary is tasked with recording the meeting minutes in a timely and accurate way. This is part of the organisation’s obligation to perform due diligence and is an important risk management tool.
In the realm of governance, accountability is a foundational concept all board members or directors need to grasp. In the boardroom context accountability specifically refers to the obligation of the board of directors to be able to clearly explain and take responsibility for their decisions, actions, and the overall performance of the organisation they govern. In short, it’s about providing a transparent account of actions taken and decisions made, with an expectation of answerability.
In the context of not-for-profit governance and not-for-profit fundraising, acquittal refers to the fulfilment or discharge of obligations relating to funding arrangements. This term is commonly used when an organisation has received a grant or funding from an external source, such as a government agency, a private foundation or charitable trust. Acquittal Process The acquittal process involves demonstrating that these funds have been used appropriately and according to the terms set out in the funding agreement.