Rather than trying to make sure themselves that everything is right, the board should focus its limited time on gaining comfort that it has the right management team in place, a team capable of getting things right.
Most charities and not-for-profit organizations are incorporated as non share capital corporations. These corporations are considered separate legal entities from their members or directors. This 'separateness' protects the members (and to a large extent directors) from being personally liable in the event the organization finds itself liable for damages as a result of a court finding.
Established in 1995, First Reference Inc. (known as La Référence in Quebec) provides Canadian organizations of any size with practical and authoritative resources to help ensure compliance.