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City Clerk
City of Richmond
900 E. Broad St.,
Suite 200
Richmond
,
VA
23219
USA
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Phone:
(804)646-7955
Fax:
(804)646-7736
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Boards and Commissions Detail
AUTHORITY
BOARD
COMMISSION
COMMITTEE
MISCELLANEOUS
TASK FORCE
Active
ENACTED
Chapter 2, Article V, Division 12 of the Richmond City Code (Ord. No. 83-248-224, adopted November 14, 1983; Ord. No. 86-122-84, adopted April 28, 1986; Ord. No. 2009-90-100, adopted June 8, 2009; Ord. No. 2010-32-50, adopted March 8, 2010; Ord. No. 2011-144-154, adopted September 12, 2011; Ord. No. 2016-094, adopted April 11, 2016)
COMPOSITION
The Audit Committee shall consist of seven members to be appointed by the City Council. Two of these seven members shall be members of the Council appointed to serve terms coincident with their terms as members of the City Council. The remaining five members shall be appointed from the business community of the city. Of these five members appointed from the business community of the city, at least one shall be licensed by the State Board of Accountancy as a Certified Public Accountant, at least one shall be a lawyer admitted to the Virginia State Bar, and at least one shall have experience in the financial services industry. (Assigned to the Governmental Operations Standing Committee)
TERM OF OFFICE
Council members shall succeed themselves no more than two times, and citizen members shall not be allowed to succeed themselves more than two times. All appointments of citizen members shall be for terms of three years.
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# Members
unlimited
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# Terms
indefinite
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Length of Terms
Variable Length
OBLIGATION
The duties of the Audit Committee shall be the following: (1) Reviewing of significant financial information for appropriateness, reliability and timeliness; (2) Ascertaining the existence and adequacy of accounting and internal control systems and the adequacy of safeguards for the assets of the city; (3) Overseeing audit functions; (4) Making recommendations to the council concerning the selection and termination of external auditors; (5) Reviewing annual financial reports of the city and results of audit examinations; (6) Evaluate internal control functions; (7) Reviewing interim financial information; (8) Evaluating financial management systems and results of operations of the city; (9) Monitoring and overseeing the inspector general activities undertaken by the Office of the City Auditor pursuant to section 2-214 of the Code; (10) Making periodic reports, no less frequently than once every six months, to the Mayor and the Council concerning the inspector general activities undertaken by the Office of the City Auditor pursuant to Section 2-214 of the Code during the time since the last such report; (11) Reviewing and approving the annual work plan of the Office of the City Auditor.
REQUIREMENTS
MEETING LOCATION
2nd Floor Large Conference Room, Richmond City Hall, 900 E Broad Street
MEETING TIME
The Audit Committee meets quarterly, on second Tues. of month 2:00 - 4:00 p.m.
Oath Required
Date Abolished
