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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 94-14 <br /> <br /> RESOLUTION ESTABLISHING THE CITY AUDIT <br /> COMMITTEE <br /> <br />WHEREAS, in August 1992, in accordance to recommendations included in the Statement on <br /> Auditing Standards No. 16 issued by the American Institute of Certified Public <br /> Accountants, the City Council established the Audit Committee for the purpose <br /> of reviewing the City's annual financial audit and to assist in the selection of an <br /> independent auditing fffrn, and <br /> <br />WHEREAS, it is necessary to establish the role and responsibilities of the Audit Committee <br /> and resolution format approved by the City Council. <br /> <br />NOW, Tt-IF. RF~FORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES <br />AS FOLLOWS: <br /> <br />Section !: The City Council does hereby reaffirm its previous action to establish and <br /> maintain an Audit Committee which is a standing committee of the City Council. <br /> <br />~Ln.~: The Audit Committee shall serve as follows: <br /> <br /> A. To make recommendations to the City Council regarding the selection of <br /> an independent auditing firm to prepare the City' s annual financial audits. <br /> <br /> B. To meet with the independent auditing fn'm to discuss internal control <br /> structure, accounting policies, significant audit adjustments, disagreements <br /> with management regarding ~financial statements, scope of the audit <br /> disclosures and wording of the audit report and other pertinent issues <br /> related. <br /> <br /> C. To review City policies and practices related to investments, debt service <br /> including the issuance of Certificates of Participation (COP's) and bonds, <br /> assessments, etc., and expenditure controls. <br /> <br /> D. To meet with the City Manager and Finance Director to discuss questions <br /> regarding the City's financial issues. <br /> <br /> .~.~Jj.Q..~: The Audit Committee shall be comprised of four members as follows: <br /> <br /> - Two members of the City Council as selected in Section 6 of this <br /> resolution; the City Manager and the City Finance Director. <br /> <br /> ~: The Committee shall meet periodically but at least twice annually at the beginning <br /> and end of the annual audit. <br /> <br /> ~: Committe~ members shall serve for a one-year term. <br /> <br /> <br /> <br />