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/2. <br />I REPOR ,othe Honorable ,.yorand City Council <br /> From Council Member Ira Ruskin <br /> <br />November 18, 2002 <br /> <br />Subject <br />Recommendation for the establishment of an Audit Committee of the Council <br /> <br />Recommendation <br />In order to preserve responsibility for financial operations in the hands of the City <br />Manager and the Director of Finance while ensuring oversight by the Council, I <br />respectfully propose a redefined process for car~ing out the city audit procedures. The <br />proposed process will ensure that the audit is a Council driven process, with the auditor <br />reporting directly to the Council. <br /> <br />Toward this end I recommend that: <br /> <br /> · ^ Council Audit Committee be established. <br /> · The Committee could be the existing Council Finance Committee; or it could be <br /> the Council Finance Committee with one additional member added when it <br /> meets as the Audit Committee, the additional member helping to handle the <br /> additional work. <br /> · The Audit Committee sets the work plan for the annual audit, determining the scope <br /> and any special focus of the audit. <br /> · The Audit Committee reviews all proposals to the RFP and selects the auditing firm. <br /> · The Auditor makes progress reports to the Committee and delivers the final report to <br /> the Audit Committee. <br /> <br />Ira Ruskin <br />Council Member <br /> <br /> <br />