The Volunteer Protection Act of 1997 provides personal immunity to individuals who act on behalf of an organization in a volunteer capacity. Naturally the Act won’t protect a volunteer who willfully causes harm or engages in gross negligence. Equally, the Act may not absolve the organization from liability for its volunteers or keep the volunteers from being named as defendants in a lawsuit.
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Apr 16, 2024
The AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. The new standard becomes effective for audits of financial statements for periods ending on or after Dec. 15, 2023.
