The nonprofit sector is extremely diverse. Some organizations deal with hundreds of millions of dollars each year, whereas others' budgets are only in the thousands. But regardless of size and scope, one of the many commonalities that all nonprofits should be concerned with is corporate governance. In fact, many organizations still need to be convinced that they need audit committees. For organizations that are exploring the implementation of audit committees—or for those with active ones—it is extremely important to understand their roles and responsibilities.