The City of Reading Audit Committee shall be chaired by the City Auditor. Each Committee member will have one equal vote. The Committee shall meet within five business days from the end of each quarter. The City of Reading Audit Committee will:
A. Select the external auditor, in accordance with the City's procurement code. The external auditor shall report its findings to the Audit Committee, and work with the Audit Committee to achieve compliance.
B. Review the City’s financial statements, including all quarterly financial statements produced by the Finance Department for accuracy and completeness, including any adjustments required by the external auditor.
C. Approve the annual work plan of the City Auditor to ensure the audits are timely and constructive.
D. Make a report to Council at the start and end of each fiscal year that details its areas of focus and at the close of each year to describe the Committee's success and challenges.
E. Review all internal audits prepared by the City Elected Auditor.
F. Examine all aspects of the financial reporting process.
G. Provide a statement on whether the City's year-end financials are accurately presented.