Channelnewsasia.com-Keeping the charitable house in order

Channelnewsasia.com: "Keeping the charitable house in order
By Leong Wee Keat, TODAY | Posted: 03 November 2006 1212 hrs

For charities, every cent received and spent is now closely scrutinised — external audits ensure that all items represented in financial statements are 'true and fair'.

In examining charities' internal processes and controls, however, the watch is less intense.

While external audits are mandatory under law, internal audits are not. This is despite governance issues in charities hogging the spotlight recently, in the Singapore Association for the Visually Handicapped, for instance."