In advising and assisting the mayor and board of trustees, the committee shall have the following duties:
A. Selection of an independent auditor. Results of a competitive RFP process will be brought to the committee for discussion and recommendation to the mayor and board of trustees.
B. Oversight of the village's fraud risk assessment program. Guidelines for monitoring compliance are included in the statement of auditing standards no. 99 entitled "Consideration Of Fraud In A Financial Statement Audit".
C. Oversight of the annual audit to include: 1) an update on preaudit conference, 2) a status report on progress of annual audit, and 3) the results and findings of the final audit report.
D. Present annually to the mayor and board of trustees and management a written report on its activities in discharging its duties and responsibilities set forth in this section. (Ord. 6149, 8-5-2014)