This chapter shall be known as and may be cited as the "Audit
Committee Code."
The Audit Committee (hereinafter "the Committee") shall provide
independent review and oversight of the City's financial reporting
processes, internal controls, and independent auditors. In effectively
carrying out its duties and responsibilities, the Committee will help
ensure that the City properly develops and adheres to a sound system
of internal controls and utilizes procedures to objectively assess
the City's accounting and auditing practices. Additionally, the
Committee will help ensure that the independent auditors, through
the independent audit, objectively assess the government's financial
reporting practices.
To ensure proper oversight of the annual audit by the Committee,
all independent accountants and/or auditors retained for the purpose
of preparing or issuing an independent audit or review shall report
directly to the Committee.
Committee members shall not receive any compensation for serving
as a member of the Committee.
A Committee member may be removed from his or her position by
Council for failing to comply with the provisions of the Audit Committee
Code.