(a) The Council shall establish itself as an Audit Committee, consisting of all members of the Council, serving as a Committee of the Whole.
(b) The Audit Committee shall meet at least quarterly.
(c) Its duties shall include:
(1) To periodically review the process used to prepare interim financial information;
(2) To periodically review the statements and notes issued by the Fiscal Officer in order to correct any identified errors or omissions;
(3) To confirm that documents are being properly executed and submitted to the county and state auditor's offices as may be required by law;
(4) To review with administration and outside auditors, upon completion of an audit, the financial results and findings prior to their finalization and dissemination to the public;
(5) To discuss with outside auditors the quality of the Village's financial and accounting process and any recommendations for improvements to internal financial controls, controls over compliance with laws and regulations, or the selection of accounting principles and management reporting systems; and
(6) To review letters of management and audit results on an ongoing basis to confirm that necessary efforts are undertaken for correction and compliance;
The Committee shall report its findings and conclusions, if any, in its official minutes.
(Ord. 2015-21. Passed 12-28-15.)