(a) An Advisory Audit Committee is hereby created as a standing committee of Council for the purpose of advising Council in the discharge of Council's fiscal and oversight responsibilities and to provide the Mayor and the City Auditor with all such information in support of their duties and responsibilities as are set forth in the Charter and the Codified Ordinances.
(b) The Advisory Audit Committee shall be comprised of a total of five members; two of which shall be members of Council and the remaining three shall be non-Council members. The chairman of the Advisory Audit Committee shall be appointed by the President of Council, subject to confirmation by Council.
(c) The President of Council is hereby authorized and directed to appoint the three non-Council members of the Advisory Audit Committee, subject to their being approved by Council. The two members of Council shall be assigned to the Advisory Audit Committee pursuant to the customary procedure used by Council in designating Council members to any of its standing committees; except, at least one of the two Council members assigned to the Advisory Audit Committee shall be Council's Finance Committee chairman.
(Ord. 760-86. Passed 10-14-86.)
(a) The non-Council members appointed to the Advisory Audit Committee shall have extensive qualifications, background and experience in banking, finance and/or accounting and shall be selected or recruited from the business, banking and/or financial community of the City.
(b) One-third of the non-Council members shall be appointed for a two-year term, one-third for a three-year term and one-third for a five-year term, and all subsequent appointments shall be for the unexpired vacancies which may occur or for a five-year term. Non-Council members shall serve on the Advisory Audit Committee in a voluntary, non- compensatory basis and may be reappointed upon expiration of their term.
(Ord. 760-86. Passed 10-14-86.)
(a) The Advisory Audit Committee shall serve solely in an advisory capacity to Council in providing oversight to the City's internal audit function.
(b) The Advisory Audit Committee shall review the City's annual audit, the audited financial statements and the results of the examination.
(c) The Advisory Audit Committee shall assist Council in providing an oversight to the City's internal audit function, by review of its work program, audit reports and follow-up of audit recommendations.
(d) The Advisory Audit Committee shall meet periodically with management and independent, as well as, internal auditors to discuss auditing problems and to evaluate auditing methods utilized by management and the internal auditors.
(e) The Advisory Audit Committee shall at all times document and communicate its findings, reports, recommendations, advice and any other pertinent information relative to its duties and purpose, as delineated in this chapter, to Council and the Mayor in an expeditious and concise fashion.
(f) The Advisory Audit Committee shall review and/or report on those matters regarding and relative to the fiscal and financial aspects of the City as Council may direct it to do.
(Ord. 760-86. Passed 10-14-86.)