125.02 PURPOSE; POWERS; DUTIES.

   The purpose of the Audit Committee shall be to recommend to the City’s financial activities, and provide assistance to the City in State Audits which the City undergoes, by doing the following:

   (a)   Meet with the Audit tem from the Auditor of State’s Office or its appropriate representative(s) prior to the audit to review the scope and terms of the audit engagement;

   (b)   Meet with the Audit tem or its appropriate representative(s) to review the results of the audit. This preferably would be during the post audit conference;

   (c)   Review and comment upon any material changes in the internal control systems and accounting policies/procedures addresses in the engagement letter and audit reports.

   (d)   Assist in selecting any independent professional accounting firm whenever the City determines to pursue this option;

   (e)   Review and evaluate any potential conflict of interest and/or ethical conflict;

   (f)   Conduct meetings on an “as needed” basis; and

   (g)   Make any other inquiry assigned to it by Council or the Mayor.

      (Ord. 2000-73. Passed 3-13-00.)