(a) The committee shall determine whether:
(1) Risks are appropriately identified and managed.
(2) Interaction with the various governance groups occurs as needed.
(3) Significant financial, managerial, and operating information is accurate, reliable, and timely.
(4) Employee's actions are in compliance with policies, standards, procedures, and applicable laws and regulations.
(5) Resources are acquired economically, used efficiently, and adequately protected.
(6) Programs, plans, and objectives are achieved.
(7) Quality and continuous improvement are fostered in the organization's control process.
(8) Significant legislative or regulatory issues impacting the organization are recognized and addressed properly.
(9) Opportunities for improving management control, accountability, and the organization's image may be identified during audits. These opportunities will be communicated to the appropriate level of management.
(b) The committee shall advise the city council regarding changes to financial, risk management, control, and governance processes.
(c) The committee shall annually develop and recommend to the city council for approval an annual audit plan for the ensuing year. The committee may further recommend to the city council for approval amendments to the annual audit plan at any time as is necessary.
(d) The committee shall provide the internal audit office and any contracted firm that provides audit services with guidance, priorities, and potential areas for audits.
(e) The committee shall review any audit report and shall submit final reports to the city council pursuant to § 30.013 of this ordinance.
(1992 Code, § 2-140) (Ord. 120-05, passed 11-14-2005; Ord. 4-13, passed 2-19-2013; Ord. 16-19, passed 2-4-2019; Ord. 37-23, passed 6-13-2023)