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r • <br />CITY OF LA PORTS <br />INTER-OFFICE MEMORANDUM <br />T0: Mayor Norman Malone & DATE: September 14, 1987 <br />Members of City Council <br />FROM: Robe~~~,,. Herre; a, City Manager <br />SUBJECT: Audit Committee <br />At tonight's Council Meeting during Executive Session, Council <br />• will be discussing the make up of an audit committee. An audit <br />committee of the City Council would provide an efficient mechanism <br />for the City Council's involvement in accounting and auditing <br />policy considerations. The audit committee should consist of <br />three (3) City Council members. The scope of the responsibilities <br />of the Audit Committee are listed below. <br />a) Select independent auditor and review auditor's <br />engagement letter. ' <br />b) Review the independent auditor's overall audit plan <br />(scope, purpose, and general audit procedures). <br />c) Review the results of the auditor examination. Consider <br />matters that the auditor believes should be brought to <br />the attention of the City Council members with the City <br />Manager. <br />d) Review the independent auditor's evaluation of the <br />City's internal control systems. <br />e) Review the City's accounting, financial, and operating <br />controls. <br />f) Review the City policies concerning compliance with <br />federal, state and local laws. <br />g) Review the impact of new or proposed pronouncements by <br />the accounting profession or regulatory bodies. <br />h) Review the City's insurance program. <br />i) Review and discuss the independent auditor's management <br />letter with the City Manager. <br />The committee will assume more responsibilities as additional <br />tasks are identified. <br />RTH/jb <br />