The Council shall designate annually a certified public accountant or firm of certified public accountants, as an independent auditor, to audit the books and accounts of the Town as provided in the General Statutes and in accordance with best practice standards as may be set forth and promulgated by the General Accounting Office ("GAO"), Governmental Accounting Standards Board ("GASB"), Finance Accounting Standard Board ("FASB"), the Government Finance Officers Association ("GFOA")174, their successor or like-minded professional standard setting organizations addressing the financial standards for municipalities. The Council shall competitively select independent auditors and require the rotation of such auditors by requiring their replacement by another firm at the conclusion of the audit contract, which shall not exceed a maximum period of six (6) consecutive years.
173 2011 modification of 1983 Charter § 3-12. Establishes the principal of rotation of independent auditors and the concept of best practices.
174 See, Government Finance Officers Association (GFOA) reports entitled "Audit Procurement" (1996 and 2002).