What is the primary role of a financial advisory committee?

The primary role of a financial advisory committee is to provide guidance on financial policies and budgeting practices. This involves assisting management in understanding the financial implications of decisions, advising on fiscal strategies, and ensuring that the organization’s financial resources are aligned with its goals and objectives. Committees like this help shape and inform the financial management practices that enable an organization to function effectively and sustainably.

The committee typically seeks to enhance the overall financial health of the organization by recommending best practices for budgeting, forecasting, and financial reporting. They play a crucial role in steering the organization towards sound financial management and informed decision-making.

While other roles, such as conducting audits, managing investment portfolios, and ensuring compliance, are important in the financial management landscape, they tend to be more specialized functions or responsibilities handled by specific departments or entities rather than the advisory committee itself.