(A) The city shall, as soon as practicable and in no event later than February 1 after the close of each fiscal year, cause each fund of the city to be audited by the Auditor of Public Accounts or a certified public accountant.
(B) The city shall enter into a written contract with the selected auditor. The contract shall set forth all terms and conditions of the agreement, which shall include, but not be limited to, requirements that:
(1) The auditor may be employed to examine the balance sheets of all governmental proprietary and fiduciary funds of the city;
(2) All audit information be prepared in accordance with generally accepted governmental auditing standards which includes the tests of the accounting records and the auditing procedures as considered necessary in the circumstances. Where the audit is to cover the use of state or federal funds, appropriate state or federal guidelines shall be utilized;
(3) The auditor prepare a typewritten or printed report embodying financial statements and his or her opinion and statements relating thereto;
(4) The auditor express an overall opinion as to whether the statement or receipts and expenditures presents fairly the financial condition of the city or state the reasons why an overall opinion cannot be expressed;
(5) The completed audit and all accompanying documentation shall be presented to Council at a regular or special meeting; and
(6) Any contract with a certified public accountant for an audit shall require the accountant to forward a copy of the audit report and management letters to the Auditor of Public Accounts upon request of the city or the Auditor of Public Accounts, and the Auditor of Public Accounts shall have the right to review the certified public accountant’s work papers upon request.
(C)
Upon completion of an annual audit, the city shall forward three (3) copies of the audit report to the Governor’s Office for Local Development for information purposes.
(D) Upon completion of an annual audit, the city shall publish a summary of the audit in accordance with KRS Chapter 424 and KRS 91A.040.
(E) A copy of an annual audit report which meets the requirements of this section shall be considered satisfactory and final in meeting any official request to the city for financial data, except for statutory or judicial requirements.
(Prior Code, § 3.04.040)