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A. An audit committee of the borough is created consisting of two assemblymembers, the mayor or the mayor’s designee, one member of the board of education, one member of the InteriorGas Utility board, and one member of the public with an accounting or financial background, recommended by the audit committee and approved by the assembly for a term of three years or continuing until a successor is appointed. The presiding officer of the assembly, the chair of the Interior Gas Utility, and the president of the board of education shall appoint the member(s) from their respective bodies.

1. The audit committee shall be afforded the opportunity to review and make meaningful input into the procurement documents prepared to select the external audit firm. Such input shall be accepted unless the chief procurement officer determines that it is inconsistent with FNSBC Title 16 or standard procurement practices. The audit committee shall also appoint a majority of any selection committee used in the procurement process. In addition, the audit committee shall be afforded the opportunity, to the extent consistent with FNSBC Title 16 and any contractual obligations, to determine whether the contract should be modified, terminated or extended.

2. The audit committee shall meet at the call of the chair, including a minimum of three times annually with the external auditor. The external auditor meetings shall include a meeting once early in the audit process to discuss the audit plan, once in the middle of the audit process to discuss audit progress and once at the conclusion of the audit to receive the final reports. At least one of the meetings with the external auditors shall follow SAS 114 guidance for good governance and be held without financial management staff present. (Ord. 2017-17 § 2, 2017; Ord. 2015-65 § 2, 2015; Ord. 2008-40 § 4, 2008; Ord. 2001-38 § 2, 2001; Ord. 2001-06 § 3, 2001; Ord. 86-017 § 40, 1986; Ord. 85-001 § 2, 1985. 2004 Code § 3.01.200(C).)