[HISTORY: Adopted by the Town Board of the Town of Southampton 10-13-2009 by L.L. No. 44-2009. Amendments noted where applicable.]
An Audit Advisory Committee pursuant to this chapter shall be established in and for the Town of Southampton on January 1, 2010, or as soon thereafter as the Town Board shall meet and appoint all the members pursuant to § 11-3 below and shall function as an advisory board to the Town Board and Town Comptroller.
[Amended 7-24-2012 by L.L. No. 9-2012]
The Audit Advisory Committee shall serve to accomplish the following purposes:
A. 
Advising the Town Board and the Town Comptroller on the internal and external audit needs of the Town of Southampton, including, but not limited to, the number and scope of audits to be conducted; selection of external and internal audit firms; review of Town financial statements; progress of active and ongoing audits and those firms or staff responsible for conducting the same; and review of completed audit reports and data compilations.
B. 
Making recommendations to the Town Board and Town Comptroller to effectuate improvements to Town of Southampton financial management, internal control practices, and recordkeeping functions and to provide recommendations on how to implement and improve audit activities.
C. 
Making recommendations to the Town Board and Town Comptroller on corrective measures necessary to conform Town financial practices with the findings and recommendations of completed audits as appropriate.
A. 
Composition. The Audit Advisory Committee shall consist of five voting members, who shall be appointed by and serve at the pleasure of the Town Board. Members of the Audit Advisory Committee shall be residents of the Town of Southampton and shall serve voluntarily, without compensation. The five voting members should be appointed from among the residents of the Town of Southampton who possess knowledge and/or expertise in accounting, financial reporting, financial operating systems and finance needed to understand and evaluate the Town's financial statements and internal and external audit activities and reports. In addition, the five voting members shall be independent of the management and business activities of the Town of Southampton.
[Amended 7-24-2012 by L.L. No. 9-2012]
B. 
Chair; Acting Chair. The Town Board will annually designate one member of the Audit Advisory Committee to serve as Chairperson. The Audit Advisory Committee may select an Acting Chairperson, to serve in the absence of the Chairperson.
C. 
Ex-officio members. The Town Supervisor, another member of the Town Board, the Town Comptroller, the Town Attorney, the Town General Services Administrator, the Tax Receiver and the Internal Auditor shall serve as ex-officio, nonvoting members of the Audit Advisory Committee. Periodically, at the request of the Audit Advisory Committee, other members of Town Management may attend. Whenever any ex-officio member is unable to attend a meeting, such member is permitted to send a designee.
[Amended 7-24-2012 by L.L. No. 9-2012]
D. 
Terms of office.
[Amended 7-24-2012 by L.L. No. 9-2012]
(1) 
The voting members of the Audit Committee shall serve for a term of three years, which shall expire December 31. Two members shall be appointed for a three-year term, two members shall be appointed for a two-year term, and one member shall be appointed for a one-year term, so that no more than two appointments expire at the end of any one calendar year.
(2) 
When vacancies occur, the Town Board shall appoint successors to serve the unexpired portion of the term of the predecessor, with all subsequent terms being three-year appointment terms.
E. 
Removal of Audit Advisory Committee members. Members of the Audit Advisory Committee may be removed for cause by the Town Board.
A. 
The Audit Advisory Committee shall meet at least once per quarter and at such other times that the Chair of the Audit Committee, the Town Board or the Town Comptroller may determine advisable.
B. 
Notice of the meetings shall be electronically mailed to each member of the Audit Advisory Committee and posted on the Town Clerk's signboard at least five days in advance of such meeting day.
C. 
Administrative support for the Audit Advisory Committee shall be provided by the office of the Town Comptroller, which shall also perform records management, prepare minutes and agendas, and receive and distribute correspondence on behalf of the Committee.
[Amended 7-24-2012 by L.L. No. 9-2012]
A. 
The Audit Advisory Committee shall advise and assist the Town Board and Town Comptroller about the external and internal audit needs of the Town of Southampton by:
(1) 
Recommending the number and scope of audits to be conducted;
(2) 
Recommending the selection of external audit firms after reviewing qualifications, costs, timeframes and experience;
(3) 
Reviewing of Town financial statements;
(4) 
Monitoring progress of active and ongoing audits and those firms and staff responsible for conducting the same;
(5) 
Reviewing of completed audit reports, internal control recommendations and data compilations;
(6) 
Reviewing letters of engagement and billing arrangements proposed by firms conducting audits; and
(7) 
Recommending the budgeting of audit staffing requirements based upon scope of audit work.
B. 
The Audit Advisory Committee shall advise and assist the Town Board and Town Comptroller about the financial management process needs of the Town of Southampton by:
(1) 
Making recommendations to the Town Board and Town Comptroller to effectuate improvements to Town of Southampton financial management, internal control practices and recordkeeping functions;
(2) 
Providing recommendations on how to implement and improve audit activities and staffing utilization; and
(3) 
Making recommendations to the Town Board and Town Comptroller on corrective measures necessary to conform Town financial practices with the findings and recommendations of completed audits as appropriate.
C. 
The Audit Advisory Committee shall advise and assist the Town Board and Town Comptroller about the financial management process needs of the Town of Southampton by:
(1) 
Making recommendations to the Town Board and Town Comptroller to effectuate improvements to Town of Southampton financial management and recordkeeping functions;
(2) 
Providing recommendations on how to implement and improve audit activities and staffing utilization;
(3) 
Making recommendations to the Town Board and Town Comptroller on corrective measures necessary to conform Town financial practices with the findings and recommendations of completed audits, as appropriate.
A. 
A written report of the activities of the Audit Advisory Committee shall be provided annually to the Town Board.
B. 
The Audit Advisory Committee shall meet and brief the Town Board on its activities, findings and progress at such times as requested by the Town Board, or as deemed necessary by the Audit Advisory Committee.
[Amended 7-24-2012 by L.L. No. 9-2012]