Audit Committee

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NAME:  Audit Committee (Standing Committee)

COMPOSITION:  Three (3) Town Council Members

ELECTED/APPOINTED:  Appointed

ESTABLISHED BY:  Resolution

YEAR:  1993

The purpose of the Committee was added by resolution at the January 5, 2015 Town Council Meeting.

TERMS:  N/A

CURRENT MEETING SCHEDULE:  

GENERAL POWERS AND DUTIES: To hire (or recommend hiring of) and evaluate the performance of the Town’s financial auditor.  Meet quarterly to conduct a post-audit meeting with the auditor; review internal controls and programs and controls designed to prevent and detect fraud, including compliance with same with auditor, and plan future audits.  Meet as necessary to review and forward to auditor suspected fraud or illegal acts affecting the government that comes to the attention of the committee.  Management is responsible for forwarding these items to the committee as soon as possible.

BY-LAWS (YES/NO):  No