An independent auditor shall be appointed by the Council pursuant to general law. He shall receive such compensation as may be agreed upon and determined by the Council. The auditor shall be a registered municipal accountant of the State of New Jersey, but need not be a resident of the Town. In lieu of appointing an individual auditor, the Council may appoint a firm of auditors, one or more members of which shall be a registered municipal accountant of New Jersey. The auditor shall make the annual audit and shall have the powers and perform the duties prescribed by general law, ordinance, or rules and regulations of the Division of Local Government in the Department of the Treasury of the State of New Jersey. He shall also perform such duties and render such services as may be prescribed by resolution of the Council.