Does the extension for filing IRS Form 990 also apply to the completion date for the audit?
No. The statute does not provide for an extension of time. • If a board of directors does not have a meeting scheduled in January 2005, is the organization in violation of the requirement to appoint an audit committee, or can the audit committee be appointed at the first board meeting in 2005? The statute does not say when the audit committee must be appointed. Accordingly, the board should appoint the audit committee at the first reasonable opportunity. The board’s delay must be reasonable, however, which means that the audit committee should be appointed no later than the end of the first quarter.
