City of Greensboro Audit Committee and the minutes from the last meeting, on October 27, 2011

http://www.greensboro-nc.gov/index.aspx?page=3081

http://www.greensboro-nc.gov/modules/showdocument.aspx?documentid=12118

"The Audit Committee of the City of Greensboro has been established to assist the City Council in fulfilling its financial and fiduciary responsibilities and will adhere to practices for an audit committee enumerated by the Government Finance Officers Association.

In fulfilling that purpose, the Audit Committee shall:

Review financial information provided by others

Ensure the City establishes and maintains effective internal control systems for accounting, financial reporting, and legal compliance matters

Provide an open line of communication among the City Council, city management, internal audit and the independent outside auditors, the public, and report directly to the City Council"
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The Audit Committee, to the extent it deems necessary or appropriate, shall:

Submit an Annual Report of Audit Committee actions and recommendations to the City Council.

Monitor compliance with the City code of conduct and regulatory requirements, and review and assess conflicts of interest and related-party transactions.

Review financial information relevant to the purpose of the Committee.

Oversee the investigation and disposition of any suspected cases of fraud or irregularity.

Identify and evaluate significant judgments and estimates used by management in the financial reporting process.

Evaluate and recommend significant changes in the City’s financial accounting principles and practices.

Ensure that appropriate actions are taken to strengthen the City’s administrative or financial practices, where necessary.

Review the impact of major changes in financial accounting and reporting laws, regulations, and standards on the City’s financial policies, procedures, and practices.

Adopted July 28, 2011
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BY-LAWS OF GREENSBORO AUDIT COMMITTEE Amended January 26, 2012

A regular meeting of the Committee shall be held annually at a time to be designated by the Committee.

All meetings will be open to the public, to the extent required by North Carolina General Statute 143-318.10.

http://www.greensboro-nc.gov/modules/showdocument.aspx?documentid=18040
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Government Finance Officers Association Best Practices;

•The audit committee should establish procedures for the receipt, retention, and treatment of complaints regarding accounting, internal accounting controls, or auditing matters.

•The audit committee should be adequately funded and should be authorized to engage the services of financial experts, legal counsel, and other appropriate specialists, as necessary to fulfill its responsibilities

•It is the responsibility of the audit committee to provide independent review and oversight of a government’s financial reporting processes, internal controls and independent auditors