Audit Committee Charter
Audit Committee is a committee of the Board of Supervisors. Its primary function
is to assist the Board in carrying out its oversight responsibilities by
reviewing financial information provided in the County’s Annual Financial
Report, by reviewing any material weaknesses in the County’s system of internal
accounting controls, as reported by the external auditor, and by reviewing the
annual audit process and its results.
Audit Committee shall be appointed annually at the first meeting in January by
the Board of Supervisors and be comprised of the following members. Only elected
officials will be voting members of the Audit Committee.
Two members of the Board
One member of the School
Board (appointed by the School Board)
County Executive or
Director of Finance
Superintendent of Schools
Recommend the selection,
retention or termination of the County’s external auditors.
Review the overall plan
for the audit with the external auditor and County management
Review the annual
financial statements and external audit results with the auditors and County
Review any material
weaknesses in internal accounting controls, as outlined in the auditors’
Management Letter to the County
Prepare the Audit
Committee’s report to the Board of Supervisors.
The Committee will meet
twice a year, or more frequently at the discretion of the Committee, in
conjunction with the County’s external audit process. The Committee may meet
more frequently at the discretion of the Committee to discuss other matters of
The purpose of the first
meeting in June will be to discuss the auditor’s preliminary fieldwork and
review the auditor’s scope of work and scheduling for the upcoming audit.
The second meeting, to be held in December, will focus on the Annual Financial
Report, prior to its presentation to the Board of Supervisors, as well as any
issues raised by the external auditor in the Management Letter.
The Audit Committee may
select a Chairperson whose responsibility it will be to preside over the
meetings. With assistance from the Director of Finance, the Chairperson will
schedule the meetings and prepare a written agenda.
Audit Committee meetings
will be public meetings. The meeting agenda for regularly scheduled meetings
shall be posted three days prior to the meeting date. Notice for all meetings
shall be given pursuant to the requirements of the Virginia Freedom of
Agendas and any written
material to be reviewed at the meeting will be sent to committee members prior
to the meeting.
The Director of Finance
will assist the Auditor in preparing presentation materials and will prepare
and distribute minutes to Committee members after each meeting.
Approved for Submission to the Board of Supervisors December 2, 2004
to executive summary