Trail blazing Phoenix

Article Abstract:

The Phoenix House drug rehabilitation foundation has implemented an internal audit committee to strengthen internal financial controls. The controls reduce the costs of auditing by reducing the the level of testing required by external auditors. Internal control systems and audit committee consultations with external auditors enhance the effective control of the system. An audit committee is an excellent forum for reviewing: accounts; commitments; and external auditor's comments for improvement.

Methods, Nonprofit organizations, Audit committees, Phoenix House Foundation

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Charity accounts - choosing the right format is important

Article Abstract:

For accounting purposes, there are two types of charities: organizations that perform services and seek resources to accomplish their objectives, and organizations that provide resources to others. Each type of charity requires a different accounting format. The most appropriate format for resource-providers is the income and expenditure account, whereas service-providers should use an operating and funding statement.

Great Britain

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Reporting risks

Article Abstract:

Issues concerning the charity reporting requirements stipulated by the Charity Commission in 2000 are discussed. Particular attention is given to the Statement of Recommended Practice for charities with regard to reporting and accounting regulations.

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