§ 26.1708 — Internal Controls

§26.1708 Internal Controls

The Committee shall review periodically, not less than annually, with the Chief Financial Officer, the City Auditor, the outside auditor, or other appropriate City officials, the City’s internal controls over financial reporting and internal auditing procedures. Such review shall include discussion of the following: (a) how the City’s financial systems, controls and practices compare with similar municipalities; (b) any significant deficiencies in the design or operation of internal controls, including material weaknesses in such controls reported by the outside auditor, the City Auditor or management, and any additional audit procedures adopted in light of material control deficiencies, which could adversely affect the City’s ability to record, process, summarize or report financial data; and (c) any substantiated fraud or impropriety, material or not, that involves any officer of the City or other employees who have a significant role in the City’s internal controls over financial reporting, to the extent that such matters may legally be disclosed to the Committee.

(Added 3-29-2010 by O-19943 N.S.; effective 4-28-2010.)