Talesin, I've thought for a long time the US needs to do something about how it treats non-profits, so far we haven't. In the US the IRS does require an information form (990 in different versions based on size of the organization). These are not made public as all IRS information is supposed to be private. Private organizations are not required to release financial statements.
I believe that what we need is something like the SEC for non-profits. It wouldn't regulate their activities, but it could require public release of audited statements so we know what we're getting for having granted them tax exempt status. My sense is this is an uphill battle.