§ 2-120.31 — Duties

§ 2-120.31 - Duties.

(a) Annual financial audit. The Audit Committee shall assist the City Council in selecting an auditor, in accordance with the provisions of F.S. § 218.391 to conduct the city's annual financial audit required by F.S. § 218.39. (b) Financial and other reporting practices. The Audit Committee shall provide reasonable assurance to the City Council that controls are in place and operating to ensure that financial information reported by management reasonably portrays the city's financial condition, results of operations, and plans and long-term commitments by reviewing results of internal and external audits. (c) Internal control. The Audit Committee shall provide reasonable assurance to the City Council that controls are in place and operating to ensure that resources are utilized in an efficient and economical manner and that programs are carried out as planned by reviewing the results of internal and external audits. (d) Compliance with laws, regulation, and ethics. The Audit Committee shall provide reasonable assurance to the City Council that the city is in compliance with pertinent laws and regulations, is conducting its affairs ethically, and is maintaining effective controls against conflicts of interest and fraud by reviewing results of internal and external audits. (e) Safeguarding the independence of the audit process. The Audit Committee shall provide reasonable assurance to the City Council that the audit process is independent by: (1) Making recommendations to the City Council with respect to the appointment or dismissal of the external auditor. (2) Reviewing and recommending approval or disapproval of the annual external audit plan and budget. (3) Reviewing and making recommendation to the City Auditor on the annual internal audit plan. (4) Ensuring that the audit process is conducted in accordance with generally accepted auditing standards including Government Auditing Standards, issued by the Comptroller General of the United States, and Standards for Professional Practice of Internal Auditing, issued by the Institute of Internal Auditors, Inc. (f) The Audit Committee shall perform other oversight duties as may be assigned by the City Council. (g) Develop and adopt bylaws that are consistent with the Florida Statutes and guidelines established by the State of Florida Auditor General, the Institute of Internal Auditors (IIA), the Government Accountability Office, and the American Institute of Certified Public Accountants (AICPA).

(Ord. 99-08, 8-11-2008)