(a) There is hereby established a City of Carmel Audit Committee (“Audit Committee”).
(b) The Audit Committee shall be composed of the following five (5) members:
(1) The President of the Carmel Common Council, or a member of the Carmel Common Council appointed by the President of the Carmel Common Council and serving at their pleasure.
(2) A full time City employee appointed by the Mayor, who is not the Fiscal Officer of the City, serving at the Mayor’s pleasure.
(3) A resident of the City appointed by the Common Council who is a Certified Public Accountant, is familiar with governmental accounting and is neither the Fiscal Officer of the City nor an employee of the City for a two (2) calendar year term, to hold over until a successor is duly appointed.
(4) A resident of the City appointed by the Common Council who is an executive or owner of a publicly-held company, a person experienced in municipal security investment, or a university-level professor in accounting, finance, economics or law, or has equivalent credentials, and who is not an employee of the City for an initial one (1) calendar year term, to hold over until a successor is duly appointed. Subsequent appointees shall be appointed to a two (2) calendar year term, to hold over until a successor is duly appointed.
(5) A resident of the City appointed by the Mayor who is a Certified Public Accountant or has a background in Finance and who is neither the Fiscal Officer of the City nor an employee of the City for a two (2) calendar year term, to hold over until a successor is duly appointed.
(c) No member of the Audit Committee may serve more than two (2) consecutive terms.
(d) At the first meeting in an even numbered year the Audit Committee shall elect a Chair, Vice Chair and Secretary for two (2) year terms. Committee members are not eligible to hold the same elected position for two consecutive terms.
(e) Any member of the Audit Committee, except for the Common Council President, may be removed at any time, with or without cause, by the City official or by a two-thirds vote of the City body that appointed the member, as applicable.
(f) The Audit Committee shall have the following powers and duties:
(1) The Audit Committee shall recommend independent auditors to examine the annual GAAP financial statements of the City. The auditors shall be the Indiana State Board of Accounts or a firm of CPA’s licensed in the State of Indiana. All independent auditors shall be retained by the Mayor’s Office, acting through the Carmel Board of Public Works and Safety;
(2) The Audit Committee shall receive comments and other reports presented by the independent auditors of the GAAP financial statements during their fieldwork, if any arise, and at the conclusion of their audit;
(3) The Audit Committee shall receive comments and reports from any auditors performing other financial and compliance audits involving activities of the City during their fieldwork, if any arise, and at the conclusion of their audit;
(4) The Audit Committee shall inquire of appropriate City officials as to corrective actions taken with regard to any audit findings, audit report modifications, adverse audit reports, or other matters of concern arising from financial and compliance audits involving activities of the City, and, as the Audit Committee deems appropriate, issues arising from comments by City employees, contractors, and citizens;
(5) Report annually to the Common Council on how it has discharged its duties and met its responsibilities;
(6) The Audit Committee shall request annual reports from the City’s Information and Communications Systems Department and the Ethics Board; and
(7) Take such other actions as are permitted by Indiana law in order to fulfill its duties and responsibilities.
(g) A member of the Audit Committee may not be a City contractor, or an owner, officer, or employee of a City contractor. An Audit Committee member may be a City bondholder.
(Ord. D-2342-16, As Amended, § 2, 1-9-17; Ord. D-2633-22, § 2, 8-15-22)