Richmond, Va., City Code § 2-1217 Established; duties; powers.
Sec. 2-1217. - Established; duties; powers.
(a) Established. An Audit Committee is hereby established to assist the City Council in the Council's discharge of its responsibilities for the financial management of the City, specifically in the areas under the charge of the Director of Finance which are subject to audit by the City Auditor pursuant to the provisions of Chapter 8 of the City Charter.
(b) Duties. The duties of the Audit Committee shall be the following:
(1) Reviewing significant financial information for appropriateness, reliability and timeliness;
(2) Ascertaining the existence and adequacy of accounting and internal control systems and the adequacy of safeguards for the assets of the City;
(3) Overseeing audit functions;
(4) Making recommendations to the Council concerning selection and termination of external auditors;
(5) Reviewing annual financial reports of the City and results of audit examinations;
(6) Evaluate internal control functions;
(7) Reviewing interim financial information;
(8) Evaluating financial management systems and results of operations of the City;
(9) Monitoring and overseeing the activities undertaken by the Inspector General pursuant to Section 2-222;
(10) Making periodic reports, no less frequently than once every six months, to the Mayor and the Council concerning the activities undertaken by the Inspector General pursuant to Section 2-222 during the time since the last such report;
(11) Reviewing and approving the annual work plan of the Office of the City Auditor.
(Code 1993, § 2-297; Code 2004, § 2-1056; Code 2015, § 2-1081; Code 2020, § 2-1081; Ord. No. 2010-32-50, § 1, 3-8-2010; Ord. No. 2018-139, § 2, 5-14-2018)