The governing body shall cause an audit of the city accounts to be made by a qualified accountant as expeditiously as possible following the close of the fiscal year. The audit shall be made on a cash or accrual method at the discretion of the governing body. The audit shall be completed and the annual audit report made not later than 6 months after the close of the fiscal year. The accountant making the audit shall submit not less than 3 copies of the audit report to the governing body. All public utilities or other enterprises which substantially generate their own revenue shall be audited separately, and the results of the audits shall appear separately in the annual audit report, and the audits shall be on an accrual basis and shall contain statements and materials which conform to generally accepted accounting principles. The audit report shall set forth a financial position and results of financial operations for each fund or group of accounts of the city, as well as an opinion by the accountant with respect to the financial statements. Two copies of the annual audit report shall be filed with the City Clerk, and shall become a part of the public records of the City Clerk’s office, and will, at all times thereafter, be open for public inspection. One copy shall be filed with the Auditor of Public Accounts. The governing body and every other entity that is required in this section to submit to an audit of its accounts shall provide and file with the City Clerk, not later than August 1 of each year, financial statements showing its actual and budgeted figures for the most recently completed fiscal year.
(Prior Code, § 2-305)