(a) The Audit Committee shall be comprised of the following members:
(1) The Mayor;
(2) Village Fiscal Officer;
(3) The chairperson of the Finance Committee; and
(4) Two (2) members of the community appointed by the Mayor with approval of Council.
(b) The Audit Committee shall be actively involved in:
(1) Meetings with the Village’s Independent auditors before and after each audit;
(2) Monitoring the progress of the financial and compliance audit;
(3) Evaluating the results of the financial and compliance audit; and
(4) Ensuring that the internal control and legal compliance issues identified in the audit are promptly and effectively remedied.
(c) The Audit Committee shall meet regularly (perhaps quarterly) to monitor the Village’s legal compliance, financial condition, and controls over the safeguarding of assets.
(d) The Audit Committee may include members of the Council but may also include representation that is independent from elected officials or management. The Committee may also include professionals knowledgeable in the Village’s financial operations, such as attorneys, accountants, or bankers.
(Ord. 31-2020. Passed 10-5-20.)