295.01 Establishment; purpose.
295.02 Membership.
295.03 Terms.
295.04 General rules of operation and bylaws.
295.01ESTABLISHMENT; PURPOSE.
Effective June 15, 2021, The City of Maple Heights Audit Committee is hereby established to provide independent review and oversight of the City’s financial reporting processes, internal controls, and the independent auditor comments. The Committee shall review financial statements, independent auditor reports and follow up on corrective actions; review the City of Maple Heights’ comprehensive framework of internal controls; to assess the performance of the independent auditor; and to provide an independent forum to report findings of management fraud, abuse or control override to the independent auditor.
(Ord. 2020-12. Passed 5-5-21.)
295.02MEMBERSHIP.
The Audit Committee shall be composed of the Maple Heights City Council Finance Committee members, two Maple Heights residents appointed by City Council President and four Maple Heights residents appointed by the Mayor. The appointed Maple Heights residents must currently or formerly have been employed in the finance industry, or serve in a finance capacity, preferably within government finance, and/or must be a recognized expert of the finance industry. Committee members shall receive no compensation for their service and shall have a point of contact in the Department of Finance.
(Ord. 2020-12. Passed 5-5-21.)
295.03TERMS.
Initially, one Council President appointment and two Mayoral appointments shall be for a period of one year. Thereafter, each appointment and the remainder of all other initial appointments shall be for a period of two years.
(Ord. 2020-12. Passed 5-5-21.)
295.04GENERAL RULES OF OPERATION AND BYLAWS.
The Committee shall meet at least on a quarterly basis. The committee shall devise its own officers, governance, place and time of assembly and bylaws.
(Ord. 2020-12. Passed 5-5-21.)