Three main groups are responsible for the quality of financial reporting: the governing body, financial management, and the independent auditors. Of these three, the governing body must be seen as “first among equals” because of its unique position as the ultimate monitor of the financial reporting process. An audit committee is a practical means for a governing body to provide much needed independent review and oversight of the government’s financial reporting processes, internal controls, and independent auditors. An audit committee also provides a forum separate from management in which auditors and other interested parties can candidly discuss concerns. By effectively carrying out its functions and responsibilities, an audit committee helps to ensure that management properly develops and adheres to a sound system of internal controls, that procedures are in place to objectively assess management’s practices, and that the independent auditors, through their own review, objectively assess the government’s financial reporting practices. (GFOA Recommended Practice)

Prior to the November 3, 2020 election, the following City Commissioners were the Audit Committee:
                   Phil Roberts
                  Jami Clark
                  Earl Alexander

The Mayor selects the members of the Audit Committee from the City Commission.  Since two of the three commissioners were not re-elected, the Audit Committee positions must be filled; either with two new members or three new members, should Commissioner Clark choose to leave the committee.