The Council shall provide for the following audits:
(A) Independent financial audit. The Council shall select an independent certified public accountant, who has no personal interest, direct or indirect, in the fiscal affairs of the city government or any of its officers, to make an annual certified audit of all funds.
(B) Managerial audit. Between the third and fourth year after the effective date of this Charter, the Council shall provide for a managerial audit of the functions of city government other than finances. Thereafter, but not less than once in each five years, the Council shall provide for a managerial audit of the functions of city government other than finances. Such audits shall be conducted by an independent consultant or consultants chosen by the Council. The Council shall determine the scope of the audit and the nature of the report to be presented to the Council.