Finance, audit committees both have distinct roles to play on boards

For recently established nonprofits—or those whose boards and executive leadership are new to their positions—the roles of the board's finance and audit committees might seem to overlap. In fact, many boards with a finance committee choose not to have an audit committee at all, believing that the core responsibilities of an audit committee can easily be handled by a finance committee. However, experts argue that both are advisable because of the protection it offers the organization.