An accounting audit of a leading non-profit in Canada with revenues in excess of $100 million recently uncovered a scheme by which a group of employees achieved a significant and continuing theft of operating revenues over a number of years.
While adherence to prudent fiduciary best practices such as the Global Fiduciary Standard of Excellence (GFSE) cannot guarantee that such a problem will be avoided, it insures that clear expectations of conduct and appropriate levels of governance are in place to minimize exposure.
The GFSE is modeled on the quality management norms established by the International Standards Organization (ISO), meaning that its processes and procedures are designed to be universally applicable to all jurisdictions.
An independent review of an organization’s conformance with the GFSE provides management, the board and all employees the assurance that prudent practices are in place and clear behavioral expectations are understood.
Being certified to the GFSE is an explicit, proactive action which demonstrates the organization’s commitment to meet the highest legal and ethical standards.