The Act 47 Recovery Plan Initiative CA02 requires the City of Reading to establish a process for coordinating and responding to external audits. The City of Reading Audit Committee should facilitate City Council's performance of its oversight role. It should provide independent review of a municipality's financial reporting processes, internal and external audits, formal responses to audits and oversight of City management's actions to achieve compliance. The Committee should ensure that City management properly develop and adhere to standard operating procedures for its fiscal affairs, uphold the integrity of independent external audits, and the objectivity and comprehensiveness of internal audits.