Purpose

Overseeing relations with the independent auditors on behalf of the Town Council.

Scope of Work

In accomplishing its assigned responsibilities, the Audit Committee will review the following listed matters and such other matters as may warrant its attention. It may, with approval of the Town Council, engage additional assistance to undertake such reviews of financial management performance as it deems necessary.

• Recommend to the Town Council the selection of external auditors and the annual fees to be paid for their services, and to recommend to the Town Council any proposed retention or discharge of external auditors.
• Review the external auditors’ annual financial statements and reports, including compliance of the Town’s accounting and financial management systems and reports with generally accepted principles for municipal governments.
• Review the annual financial management letter of the external auditors.
• Periodically see that the Town’s system of internal controls and insurance coverage are reviewed to assure they are deemed to be adequate.
• At the request of the Town Council and/or the Town Manager, review and report as requested on issues that may have long-term fiscal impact on the community.
• As a consequence of the above, make any recommendations to the Town Council it considers to be desirable.
• Function independently of town management, the committee shall consist of members who are not presently serving on the Town Council.
• Provide a written report of committee activities and findings to Town Council at least annually.