Title
Audit Committee - For the purpose of establishing an Audit Committee; authorizing the powers and duties of the Audit Committee; and matters generally relating to said Audit Committee.
Body
CITY COUNCIL OF THE
City of Annapolis
Ordinance 30-17 Amended
Introduced by: Alderman Littmann, Alderwoman Finlayson, Alderman Arnett and Alderman Paone
Referred to
Finance Committee
Rules and City Government Committee
AN ORDINANCE concerning
Audit Committee
FOR the purpose of establishing an Audit Committee; authorizing the powers and duties of the Audit Committee; and matters generally relating to said Audit Committee.
BY adding the following portions to the Code of the City of Annapolis, 2016 Edition
2.48.400
2.48.410
2.48.420
2.48.430
WHEREAS, the Maryland Annotated Code, Local Government Article, Section 16-305, requires that each municipality shall have its financial records audited at least once each fiscal year, at which time an external, independent auditor shall examine the methods, accuracy, and legality of the financial records of the municipality; and
WHEREAS, an Audit Committee is a practical means for a municipality to provide much needed independent review and oversight of its financial reporting processes, internal controls and independent auditors; and
WHEREAS, an Audit Committee provides a forum separate from City management in which auditors and other interested parties can candidly discuss concerns; and
WHEREAS, an Audit Committee helps to ensure that City management properly develops and adheres to a sound system of internal controls, that procedures are in place to objectively assess City management's practices, and that the independent auditors, through their own review, objectively assess the City's financial reporting practices.
NOW, THEREFORE,
SECTION I: BE IT ESTABLISHED AND ORDAINED BY THE ANNAPOLIS CITY COUNCIL that the Code of the City of Annapolis shall be amended to read as follows:
TITLE 2 - ADMINISTRATION
Chapter...
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