a. There shall be an audit committee which shall consist of the mayor, the comptroller, the public advocate and four private members appointed by the mayor, two of whom shall be appointed upon the recommendation of the comptroller. The members of the committee shall elect a private member as chair for an annual term commencing on the first day of March.
b. The private members of the audit committee shall include (i) two persons with expertise in finance, and (ii) two persons with expertise in accounting. Two private members, one of whom shall have been recommended by the comptroller, shall serve for two-year terms commencing on the first day of March, nineteen hundred ninety; and two private members, one of whom shall have been recommended by the comptroller, shall serve for two-year terms commencing on the first day of March, nineteen hundred ninety-one. Private members shall continue in office until their successors have been appointed and qualified. Private members shall serve without salary but shall be reimbursed for expenses actually and necessarily incurred in the performance of official duties and shall also receive a per diem allowance when rendering services to the committee.
c. The audit committee shall:
(1) approve or disapprove the comptroller's suspension or withdrawal of authority delegated to an agency pursuant to subdivision h of section ninety-three;
(2) select a firm or firms of certified public accountants to perform the annual audit of the city's accounts required by section ninety-five;
(3) assist in the determination of areas of inquiry for, review the progress of, and evaluate the results of, the annual audit required by section ninety-five;
(4) approve the selection of the independent actuary to perform the actuarial audit required by section ninety-six; and
(5) perform such other functions as are agreed to by all of the members.