Section 4-6 Independent Annual Audit; Inventory System.
   a. The council shall designate a certified public accountant or accountants who shall make an independent audit of the accounts and evidences of financial transactions of the department of finance and of all other departments, offices and agencies keeping separate or subordinate accounts or making financial transactions, as of the end of every fiscal year at least, and who shall report to the council and to the city manager. In lieu of the above, the council may arrange with an appropriate state authority for such an audit when and if permitted by law.
   b. The council, by ordinance, shall prescribe a reasonable system for inventory of, and accounting all fixed assets and property of the city, both real and personal, having a value per individual item exceeding the sum of five hundred ($500.00) dollars. The inventory and accounting system prescribed by the council shall conform to generally accepted accounting practices relating to municipal corporations or other local governmental entities. (Amendment adopted March 1986)