(A) The Audit Committee shall be comprised of three residents, appointed by the Mayor and approved by Council. For the initial appointment, one individual will serve a one-year term, and the other two members two years. After that, all terms will be for two years. The Committee shall include professionals knowledgeable in financial matters, such as attorneys, auditors, accountants, financial managers or bankers.
(B) The Audit Committee shall be actively involved in:
(1) Evaluating the results of the financial and compliance audit;
(2) Ensuring that the internal control and legal compliance issues identified in the audit are promptly and effectively remedied;
(3) Reviewing the village's financial statements at the end of year calendar year.
(C) The Audit Committee shall meet at least once a year, after the village's financial statements are available. In the years when the village is audited, the Committee will also meet after the audit is complete to review the results.
(D) After meeting to review the village's financial statements or the audit results, the Audit Committee will provide a report to Council, sharing their thoughts on the results and any recommendations they may have.
(2000 Code, § 37.30) (Ord. O-5-00, passed 3-27-2000; Ord. O-8-21, passed 2-8-2021)