Item 4HInnovation ◊ Integrity ◊ Accountability ◊ Commitment to Excellence ◊ Teamwork
Item 4H: Resolution No. 08-008
Establishing an Audit Committee and Appointing Members to the Committee
Why should Southlake have an Audit Committee?
Government Finance Officers Association (GFOA) recommended practice
Link between council and auditor
Facilitate communication
Limit reliance on technical expertise
Focus & document audit process
Accountability tool for managing public funds
Benchmark City Survey
Bedford
Colleyville
Coppell
Euless
Farmers Branch
Flower Mound
Frisco
Grapevine
Hurst
Keller
University Park
11 cities surveyed:
= Audit Committee
= Informal Audit Committee
*
*
*
(3 council members)
(3 council members)
(3 council members)
(2 council members)
(3 council members)
(10 citizens)
Committee Composition & Appointment Process
Composition
Three council members
Appointment
Annually
During regular boards/commissions appointments
Committee Responsibilities
Meet with external auditor prior to annual audit
Review preliminary audit
Other matters as determined by City Council and/or Audit Committee
Innovation ◊ Integrity ◊ Accountability ◊ Commitment to Excellence ◊ Teamwork
Questions?
Alison Ortowski,
Assistant to the City Manager
817-748-8261