The Auditor shall establish an operational Audit Advisory Committee with the following criteria:
(a) The Audit Advisory Committee shall consist of three citizens of the community appointed by City Council, one member of Council appointed by City Council and the City Auditor or his designee. The members of the Audit Committee collectively should possess the expertise and experience in accounting, auditing, and financial reporting needed to understand and resolve issues raised by the independent audit of the financial statements. For continuity, citizen members should serve staggered terms. The Committee shall play an advisory role to the Parma City Council and City Administration. The Committee shall select a Chairperson from its membership and promulgate rules for its operation.
(b) The Audit Advisory Committee shall perform the following functions:
(1) Review the annual unaudited financial report;
(2) Periodically review the process used to prepare interim financial information submitted to the members of City Council;
(3) Review audit results;
(4) Assure that audit recommendations are appropriately addressed;
(5) Serve as liaison between the City Administration and the independent auditor.
(6) Present annually to the City Council and City Administration a written report of how it discharged its duties.
(Ord. 69-01. Passed 10-21-02.)