(A) An Audit Committee is hereby established to:
(1) Consult with the Department of Internal Audit regarding technical issues;
(2) Approve annual audit plans and review individual audit plans;
(3) Review and approve internal audit reports before final distribution;
(4) Provide review and oversight of the financial reporting practices and internal financial, compliance and operational controls of the city and city utilities;
(5) Review the results of annual financial and compliance audits conducted by the Indiana State Board of Accounts and independent auditing firms;
(6) Follow-up on management's resolution of audit issues;
(7) Work to assure maximum coordination between the work of the Director of Internal Audit and the needs of the Mayor and the Common Council;
(8) Recommend to the Mayor an annual budget sufficient to fund the Department of Internal Audit after a comprehensive review of the auditing and consulting needs of the city and city utilities;
(9) Report annually to Common Council how it has discharged its duties and met its responsibilities.
(B) The Audit Committee shall consist of the following members:
(1) A member of the Allen County Chapter of the Institute of Internal Auditors and recommended to the Mayor by that body for a three-year term;
(2) A chief financial officer, controller, or director of finance of a local governmental unit as recommended to the Mayor by the State Board of Accounts' local office for an initial one-year term (with subsequent terms to be for three years);
(3) A representative from the Mayor's office appointed by the Mayor for a one-year term;
(4) One member to be appointed by the Common Council who is licensed as a CPA by the Indiana State Board of Accountancy for a one year term and may not be an employee of a local unit of government;
(5) One member to be appointed by the Common Council for a one-year term;
(6) One division director to be appointed by the Mayor on a rotating basis for a one calendar year term, to serve as an ad hoc member with no voting privileges.
(C) Members may be reappointed.
('74 Code, § 2-143) (Ord. G-12-90, passed 4-24-90; Am. Ord. G-5-13, passed 3-26-13)