§ 2-3-9. COUNCIL AUDIT AND FINANCE COMMITTEE.

(A)

The council audit and finance committee shall assist the council in oversight of and responsibility for the City's financial and performance reporting practices, internal controls, compliance with applicable law and regulation, and initiatives to improve service.

(B)

The committee shall:

(1)

review and make a recommendation to the full council regarding the city auditor's annual audit plan;

(2)

monitor the city auditor's audit results and follow-up activity;

(3)

monitor the City's internal controls through external audits and the city auditor's audits and other activity;

(4)

provide reasonable assurance to the council that the City is in compliance with applicable law and regulation, is conducting its affairs ethically, and is maintaining effective internal controls against a conflict of interest or fraud;

(5)

meet with the director of the Finance and Administrative Services Department on financial questions and to review:

(a)

the City's financial reports, including a comparison between actual financial performance and the approved budget;

(b)

the City's fiscal policy, internal control policy, investment policy, debt management policy, and other financial management policies; and

(c)

the status of the capital improvement program and related projects;

(6)

recommend to the full council an external auditor to conduct the City's annual financial audit; and

(7)

meet with the external auditor approved by the council as necessary, and review financial statements, auditors' opinion, and management letters resulting from the City's annual financial audit.

Source: 1992 Code Section 2-8-3; Ord. 031204-9; Ord. 031211-11; Ord. 20060824-060; Ord. 20090806-032; Ord. No. 20150129-026, Pt. 5, 2-9-15 .