A third-party vendor is an ancillary process outside the control of your organization, which performs a function or provides a service that isn’t central to your operating purpose, for example, a third-party payroll company.
Although your nonprofit may rely on third-party service providers, your management team carries the ultimate responsibility for maintaining an effective internal control system that produces accurate financial reporting. Taking ownership of this third-party responsibility has become one of the biggest hurdles for nonprofit entities as more and more processes move to third-party providers.
Below are some suggestions on how to implement internal controls over financial reporting (ICFR) to …read more
Read more here:: Nonprofit