The Council shall cause an independent audit to be made of the books of account, records and transactions of all the administrative departments of the city at least once yearly. Such audits, during such fiscal year, shall be made by one or more certified public accountants who, for the three (3) years next preceding, have held a certificate issued by the State Board of Accountancy of the State of Texas, or by a state maintaining an equal standard of professional requirements, which entitled the holder of such certificate to a Texas certificate. The auditor or auditors to make the audit shall be selected by the Council, and shall be responsible to the Council. The duties of the auditor or auditors so appointed shall include the certification of all statements required of the City Manager in his annual budget estimate, as well as any additional duties which may be assigned by the City Council to the auditor(s), as deemed necessary in the carrying out of budgetary responsibilities. Such statements shall include a balance sheet, exhibiting the assets and liabilities of the city, supported by departmental schedules, and schedules for each utility publicly owned or operated, summaries of income and expenditures, supported by detailed schedules; and also comparisons, in proper classification, with the last previous year. The report of such auditor or auditors for the fiscal year shall be printed and a copy thereof shall be furnished to each member of the Council and the City Manager and a copy shall be kept available in the office of the City Secretary for inspection by any citizen upon request. A summary of such report of the auditor or auditors shall also be published once in the official newspaper. The annual financial statement, including the auditor's opinion on the statement, shall be filed in the office of the City Secretary within one hundred and twenty (120) days after the last day of the fiscal year, or as otherwise may be prescribed by state law.