[HISTORY: Adopted by the Town Board of the Town of Southampton 10-13-2009 by L.L. No.
44-2009. Amendments noted where applicable.]
An Audit Advisory Committee pursuant to this chapter shall be established in and for the Town of Southampton on January 1, 2010, or as soon thereafter as the Town Board shall meet and appoint all the members pursuant to § 11-3 below and shall function as an advisory board to the Town Board and Town Comptroller.
[Amended 7-24-2012 by L.L. No. 9-2012]
The Audit Advisory Committee shall serve to accomplish the following
purposes:
A.
Advising the Town Board and the Town Comptroller on the internal
and external audit needs of the Town of Southampton, including, but
not limited to, the number and scope of audits to be conducted; selection
of external and internal audit firms; review of Town financial statements;
progress of active and ongoing audits and those firms or staff responsible
for conducting the same; and review of completed audit reports and
data compilations.
B.
Making recommendations to the Town Board and Town Comptroller to
effectuate improvements to Town of Southampton financial management,
internal control practices, and recordkeeping functions and to provide
recommendations on how to implement and improve audit activities.
C.
Making recommendations to the Town Board and Town Comptroller on
corrective measures necessary to conform Town financial practices
with the findings and recommendations of completed audits as appropriate.
A.
Composition. The Audit Advisory Committee shall consist of five voting
members, who shall be appointed by and serve at the pleasure of the
Town Board. Members of the Audit Advisory Committee shall be residents
of the Town of Southampton and shall serve voluntarily, without compensation.
The five voting members should be appointed from among the residents
of the Town of Southampton who possess knowledge and/or expertise
in accounting, financial reporting, financial operating systems and
finance needed to understand and evaluate the Town's financial statements
and internal and external audit activities and reports. In addition,
the five voting members shall be independent of the management and
business activities of the Town of Southampton.
[Amended 7-24-2012 by L.L. No. 9-2012]
B.
Chair; Acting Chair. The Town Board will annually designate one member
of the Audit Advisory Committee to serve as Chairperson. The Audit
Advisory Committee may select an Acting Chairperson, to serve in the
absence of the Chairperson.
C.
Ex-officio members. The Town Supervisor, another member of the Town
Board, the Town Comptroller, the Town Attorney, the Town General Services
Administrator, the Tax Receiver and the Internal Auditor shall serve
as ex-officio, nonvoting members of the Audit Advisory Committee.
Periodically, at the request of the Audit Advisory Committee, other
members of Town Management may attend. Whenever any ex-officio member
is unable to attend a meeting, such member is permitted to send a
designee.
[Amended 7-24-2012 by L.L. No. 9-2012]
D.
Terms of office.
[Amended 7-24-2012 by L.L. No. 9-2012]
(1)
The voting members of the Audit Committee shall serve for a term
of three years, which shall expire December 31. Two members shall
be appointed for a three-year term, two members shall be appointed
for a two-year term, and one member shall be appointed for a one-year
term, so that no more than two appointments expire at the end of any
one calendar year.
(2)
When vacancies occur, the Town Board shall appoint successors to
serve the unexpired portion of the term of the predecessor, with all
subsequent terms being three-year appointment terms.
E.
Removal of Audit Advisory Committee members. Members of the Audit
Advisory Committee may be removed for cause by the Town Board.
A.
The Audit Advisory Committee shall meet at least once per quarter
and at such other times that the Chair of the Audit Committee, the
Town Board or the Town Comptroller may determine advisable.
B.
Notice of the meetings shall be electronically mailed to each member
of the Audit Advisory Committee and posted on the Town Clerk's
signboard at least five days in advance of such meeting day.
C.
Administrative support for the Audit Advisory Committee shall be
provided by the office of the Town Comptroller, which shall also perform
records management, prepare minutes and agendas, and receive and distribute
correspondence on behalf of the Committee.
[Amended 7-24-2012 by L.L. No. 9-2012]
A.
The Audit Advisory Committee shall advise and assist the Town Board
and Town Comptroller about the external and internal audit needs of
the Town of Southampton by:
(1)
Recommending the number and scope of audits to be conducted;
(2)
Recommending the selection of external audit firms after reviewing
qualifications, costs, timeframes and experience;
(3)
Reviewing of Town financial statements;
(4)
Monitoring progress of active and ongoing audits and those firms
and staff responsible for conducting the same;
(5)
Reviewing of completed audit reports, internal control recommendations
and data compilations;
(6)
Reviewing letters of engagement and billing arrangements proposed
by firms conducting audits; and
(7)
Recommending the budgeting of audit staffing requirements based upon
scope of audit work.
B.
The Audit Advisory Committee shall advise and assist the Town Board
and Town Comptroller about the financial management process needs
of the Town of Southampton by:
(1)
Making recommendations to the Town Board and Town Comptroller to
effectuate improvements to Town of Southampton financial management,
internal control practices and recordkeeping functions;
(2)
Providing recommendations on how to implement and improve audit activities
and staffing utilization; and
(3)
Making recommendations to the Town Board and Town Comptroller on
corrective measures necessary to conform Town financial practices
with the findings and recommendations of completed audits as appropriate.
C.
The Audit Advisory Committee shall advise and assist the Town Board
and Town Comptroller about the financial management process needs
of the Town of Southampton by:
(1)
Making recommendations to the Town Board and Town Comptroller to
effectuate improvements to Town of Southampton financial management
and recordkeeping functions;
(2)
Providing recommendations on how to implement and improve audit activities
and staffing utilization;
(3)
Making recommendations to the Town Board and Town Comptroller on
corrective measures necessary to conform Town financial practices
with the findings and recommendations of completed audits, as appropriate.
A.
A written report of the activities of the Audit Advisory Committee
shall be provided annually to the Town Board.
B.
The Audit Advisory Committee shall meet and brief the Town Board
on its activities, findings and progress at such times as requested
by the Town Board, or as deemed necessary by the Audit Advisory Committee.
[Amended 7-24-2012 by L.L. No. 9-2012]
