Financial Audit Oversight Committee
The Financial Audit Oversight Committee consists of five (5) members who serve for a period of three (3) years. Members are chosen from adult residents of the City (residency requirement can be waived by City Council) who have knowledge of accounting/financial principles and it is desirable that they have experience in government accounting. All members are appointed by the City Council and serve at the discretion of the Council.
Regular meetings of the Financial Oversight Committee are held at 7:00 p.m. quarterly the second Monday in City Hall.
Powers and Duties
- Serves in an advisory capacity to the City Council with their primary role being to provide an internal audit function
- Develop and issue a Request for Proposals from qualified audit firms to perform an internal review of selected financial activities and internal control procedures; to interview qualified proposers; to negotiate cost; and to report to the City council with a recommendation for audit firm selection
- Collect information to use for setting goals and objectives for the development of the annual audit plan
- Submit the written audit report prepared by City staff/internal audit firm to the City Council and provide a verbal report thereon at a City Council meeting
- Return to the City Council with recommendations for administrative policies and procedures
Director of Finance and/or designated staff member(s)