Chapter 3.05
AUDIT COMMITTEE
Sections:
3.05.010 Audit Committee established.
3.05.030 Composition, qualifications, and compensation.
3.05.040 Responsibilities and duties.
3.05.050 Audit Committee rules.
3.05.010 Audit Committee established.
The City of Palmdale Audit Committee is hereby established. (Ord. 1434 § 1, 2012)
3.05.020 Purpose.
The Audit Committee shall have the purpose of providing a direct link between the auditor of the City’s financial statements and the City Council to facilitate communication between the City Council, auditors and City management staff. The Audit Committee shall maintain the public’s confidence in the City’s finance functions, enhance the accessibility of the City’s financial matters to its citizens, and promote the transparency of the City’s finances. (Ord. 1434 § 1, 2012)
3.05.030 Composition, qualifications, and compensation.
(A) The City of Palmdale Audit Committee shall consist of five members, comprised as follows:
(1) Two members from the City Council;
(2) The City Manager;
(3) The Director of Finance; and
(4) One member from the public.
(B) The public member of the City of Palmdale Audit Committee shall be appointed by, and serve at the pleasure of, the City Council.
(C) The public member shall have some expertise in accounting, auditing, financial reporting, and internal controls. Ideally, the public member would be a certified public accountant. Residency within the city of Palmdale is desired but not required.
(D) Members of the City of Palmdale Audit Committee shall not receive compensation nor be eligible for reimbursement. (Ord. 1434 § 1, 2012)
3.05.040 Responsibilities and duties.
(A) The City of Palmdale Audit Committee shall be responsible for monitoring and overseeing the City’s financial reporting.
(B) The City of Palmdale Audit Committee shall recommend to the City Council the retention of the City Auditor and, when appropriate, the removal of such individual or firm.
(C) The City of Palmdale Audit Committee shall recommend the annual compensation of the City Auditor to the City Council and shall be responsible for an annual performance review of the City Auditor.
(D) The City of Palmdale Audit Committee shall be responsible for directing and reviewing, both individually and as a body, the work of the City Auditor, and the City Auditor shall report directly to the Audit Committee.
(E) The City of Palmdale Audit Committee shall monitor the engagement of the City Auditor and resolve all disputes between City management and the City Auditor with regard to City’s annual financial reports. (Ord. 1434 § 1, 2012)
3.05.050 Audit Committee rules.
To the extent the City of Palmdale Audit Committee deems it appropriate, it may adopt bylaws, rules and regulations not inconsistent with any provisions of the City Charter, ordinances or other laws. Copies of any such bylaws, rules and regulations shall be filed with the City Clerk. (Ord. 1434 § 1, 2012)
3.05.060 Meetings.
The City of Palmdale Audit Committee shall meet at least semi-annually (once prior to the annual on-site audit and once to receive the annual audit) and at such other times as may be necessary. Notice of the meetings of the City of Palmdale Audit Committee must be given as required by law and the Ralph M. Brown Act is applicable to all meetings of the City of Palmdale Audit Committee. (Ord. 1434 § 1, 2012)