Here’s another useful and insightful post from RSM Global:

You’re on a board. You’re not financially trained but you appreciate that reviewing finances to ensure they’re under control is an important aspect of good governance. What should you be looking for? What are the questions to ask? Is there a “cheat sheet” or checklist?
I received an email recently that asked “what should I be looking for?” 

In our experience as accountants who advise a wide variety of organisations, it’s a reasonably common question. Usually it’s asked by people in governance roles who don’t see themselves as having strong financial acumen but who want to do a good job in their role for their organisation. Interestingly the question is much more common in relation to not-for-profit (NFP) and charitable entities than profit seeking commercial organisations.

However while the question is reasonably short, the answer sadly, is not. Nor is it nearly as simple or concise.

The reason is context … ”                     <Read the full post here>