An audit committee may need expertise from outsiders other than the independent auditor. For example, legal counsel and forensic accounting services could be necessary to investigate a significant business transaction or an alleged fraudulent or illegal activity. The following discussion addresses the considerations and best practices audit committee members should keep in mind prior to and during the process of engaging third-party advisors.
When selecting independent counsel or other advisors (expert or advisor) for an engagement within the not-for-profit entity,