A. The audit committee responsibilities include:
1. Adopt bylaws.
2. Meet at least once annually to receive and review the draft annual audit report and accompanying draft management letter.
3. Make a recommendation to the City Council on accepting the annual audit report.
4. Review any corrective action plan developed by the external auditor, State Auditor’s office or City Council, and oversee implementation of such plan.
5. Provide oversight and serve as primary point of contact for the external auditors on organizational matters.
6. Oversee the selection process and make recommendations for a contract award for the transition of external auditors every five years, or when the Council or committee deems appropriate.
7. Assist in the oversight of the internal audit function, including reviewing the annual internal audit plan to ensure that high risk areas and key control activities are periodically evaluated and tested.
8. Participate in the performance evaluation process of the internal audit function.
B. The audit committee may conduct additional meetings as necessary with the consent of the majority of the committee members.