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Two fifths of American charities or non-profits would have difficulty implementing the Sarbanes-Oxley according to a new survey.

The research from the Urban Institute, National Survey of Nonprofit Governance. 5115 nonprofits took part in the survey.

Only 20% had audit companies. Even amongst those with $40m plus expenses, the figure was 58%. The Sarbanes-Oxley Act requires publicly listed companies to have such a committee.

Of the nonprofits without an audit panel, 51 percent said it would be somewhat or very difficult to create one. Among the smallest nonprofits, 28 percent indicated it would be very difficult, compared with fewer than 10 percent with over $2 million in expenses.

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Keywords

Sarbanes-Oxley and non-profits

non-profit and audit

audit committee