The Audit Committee (AC) is one of the core board committees and plays a critical function in ensuring greater governance oversight, accountability, and transparency. In today’s complex and evolving business environment, the AC’s oversight role has grown more expansive, needing them to understand the current and emerging issues better and apply a more proactive risk-based approach to effectively discharge their mandate.

Non-profit directors face a duality of roles as volunteers accountable for corporate governance for their organisations. Not only do they have to comply with many boardroom expectations, but they also carry the additional responsibility of fundraising, proper stewardship of public money and volunteer risks. The challenge of exercising duty of loyalty and care in a resource-constrained environment is magnified in a landscape of growing uncertainties and complexity.

• What does it really mean to be on the Board of a non-profit?