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HomeMy WebLinkAboutCC RES 88-0521 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 201 21 22 23 24 25 26 27 28 RESOLUTION N0. 88'52 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN, CALIFORNIA, CREATING THE CITY OF TIISTIN AIIDIT COLKI~ITTEE AND ESTABLISHING THE RESPONSIBILITIES OF THE AIIDIT COM1rIITTEE . The City Council of the City of Tustin does hereby resolve as follows: WHEREAS, the City Council of the City of Tustin recognizes the importance of the City's Annual Financial Report and the role of the independent auditor; and WHEREAS, the City Council of the City of Tustin has determined that citizen participation in the audit process would provide additional assurance that the quality of the audit and Annual Financial Reports will remain high; and WHEREAS, the City Council of the City of Tustin sees an independent Audit Committee-as a means of providing the citizens of the City an opportunity to participate in this important process. NOW, THEREFORE, the City Council of the City of Tustin does hereby create the City of Tustin Audit Committee. The Audit Committee shall consist of three private citizens, selected at large, who will serve two year, staggered terms, subject to service at the pleasure of the City Council. At least two members of the Committee shall at all times be residents of the City of Tustin. One member may be a resident of the service area of the Tustin Water Department. The City Council may also appoint an alternate member to serve on the Committee. The alternate member shall attend meetings of the Committee and act in place of a regular Committee member who is absent from the meeting. Committee members (including the alternate member) shall be compensated at the rate of Fifty Dollars ($50.00) per Committee meeting which they attend. The responsibilities of the Audit Committee shall be as follows: 1. Review and advise on the selection of external auditors; 2. Review and advise on the scope of the audit; 3. Review and advise on any accounting issues which may arise during the audit; i 1 4. Review and comment on the progress of the external audit; 2 5. Review, evaluate and comment on the City's 3 Financial Statements and on the Auditor's Report; 4 6. Review and evaluate the Auditor's Management Letter and management's response thereto, including the adequacy of 5 management's attention to correction action; 6 7. Inquire into and obtain answers to any issue or item in question included in the Financial Statements; 7 8. Maintain a public record of its proceedings and 8 report to the City Council at least annually. 9 PASSED AND ADOPTED at a regular meeting of the City Council of the City of Tustin, California, held on the 10 lfith day of May 1988, 11 aea~ 12 MAYOR 13 ATTEST: 14 15 L~ i~1 16 CITY C RK 17 JGR:ARW:D:05/10/88(737) 18 19 20 21 22 23 24 25 26 27 28 2 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) § CITY OF TUSTIN ) MARY E. WYNN, City Clerk Tustin, California, does the City Council of the Resolution No. 88-52 was regular meeting of the following vote: and ex-officio Clerk of the City Council of the City of hereby certify that the whole number of the members of City of Tustin is five; that the above and foregoing duly and regularly introduced, passed and adopted at a City Council held on the 16th day of May, 1988, by the AYES COUNCILPERSONS: Edgar, Hoesterey, Kelly, Kennedy, Prescott NOES COUNCILPERSONS: None ABSTAINED: COUNCILPERSONS: None t-. Lti~ c MAR E. N, Cit lerk City of stin, C ifornia