Purpose:
The Audit Committee is appointed by the mayor, with approval by the Board of Commissioners to provide independent oversight to:
(1) approve annual assessment of risk presented by Internal Auditor’s Office,
(2) approve annual audit plan based on assessment of risk,
(3) review quarterly internal audit progress towards approved audit plan,
(4) recommend selection and retention of external auditor and ensure proper rotation of external partner or firm as mandated by any applicable statute or regulation, and
(5) review annual financial statement audit and recommend approval to the Board of Commissioners.
Composition Of Members: Two (2) members shall be audit professionals from the community at large preferably with CIA, CPA, CFE or other appropriate professional certification;
Two (2) members shall be from the business community at large;
One (1) member shall be selected from the membership of the Board of Commissioners;
City Manager shall serve as ex-officio, non-voting member of the committee.
The mayor shall appoint all voting members, with approval by a majority vote of the Board of Commissioners. The members of the Audit Committee shall serve without compensation, but shall be reimbursed for expenses necessarily incurred in the performance of their duties.
|
Powers And Duties:
The powers and duties of the audit committee include the following:
Approve annual assessment of risk presented by the Internal Auditor’s Office;
Approve annual audit plan based on assessment of risk presented by the Internal Auditor’s Office;
Review quarterly internal audit progress towards approved annual audit plan;
Review the Comprehensive Annual Financial Report and recommend approval to the Board of Commissioners;
Recommend selection and retention of external auditor and ensure proper rotation of partner and firm as mandated by any applicable statute or regulation.
Meetings:Regular meetings shall be held at least quarterly, and any special meetings may be held as specified in KRS 61.823. All meetings shall be open to the public in a manner consistent with KRS 61.805-61.850. Full and complete minutes of all meetings and records of all proceedings, including number of votes for and against each motion and the record of the vote of each member, shall be kept and made available for public inspection. The City of Bowling Green shall provide clerical staff as needed.
Limitations Of Audit Committee’s Role:While the Audit Committee has the powers and duties set forth in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the financial statements and disclosures are complete and accurate and are in accordance with generally accepted principles and applicable rules and regulation. These are responsibilities of management and the external auditor.
Approved Minutes:
Special Meeting December 12, 2007 
Special Meeting October 1, 2007
Special Meeting August 6, 2007
Special Meeting July 2, 2007
|
