There is hereby established an audit committee of the village of Mount Prospect. The purpose of the audit committee is to further enhance an auditor's independence by providing a link between the auditor and the mayor and board of trustees. The committee is advisory in nature and assists management and the mayor and board of trustees to ensure a fair and accurate presentation of the village's financial statements. The committee shall also be responsible for audit selection, oversight of the annual audit and oversight of financial policies. (Ord. 6149, 8-5-2014)