§ 836. Audits.

(a)

Annual audit. The Council shall annually provide, through the City Manager or any other official designated by the Council for this purpose, for an independent certified audit of the City's books and records for the current fiscal year be made by certified public accountants, experienced and qualified in municipal and governmental auditing. Each such audit shall be conducted in conformance with generally accepted auditing standards. The accountants shall certify as to the correctness of the schedules contained in the audit report, and all certified schedules shall be incorporated in an annual report of the Director of Finance.

(b)

Selection of Financial Auditor.

(1)

Recommendation to the Council. The financial auditor will be selected through a competitive process, as conducted by the Director of Finance.

(2)

Approval by Council. Before a contract is executed by the City Manager, or any other official designated by the Council for this purpose, with the financial auditor, a firm will be approved by the City Council Committee designated to oversee financial matters for the City. No external financial audit contract will exceed five years in its term. Succeeding contracts with the same firm will require a rotation of partners.

(c)

Audit Reporting. The results of the annual audit will be presented to the City Council Committee designated to oversee financial matters.

(d)

Special audits. The Council may at any time by ordinance provide for a special audit of the accounts of any officer or department of the City, to be performed by certified public accountants or by the City Auditor.

(e)

Use of generally accepted accounting principles. The basis of accounting for preparation of the annual audit shall be in accordance with generally accepted accounting principles. The financial statements will be prepared on an annual basis in conformance with generally accepted accounting principles unless the Council increases the frequency of reporting.

(Ord. No. 140060 , § 4, 1-23-14, eff. 5-1-14)