THE LAKEWOOD CITY COUNCIL CHAMBERS OCTOBER 18 2010 ...

City ofLakewood
Audit Committee
AnnualReport 2010
Background
October 2010
Ordinance No93 07 Authorized the creationof the Audit Committee November2007 Adopted on
December32007 and approved on December 7 2007
2010
Purposetoprovide independent review and oversight ofthe City s financial reporting
processes internal controls and independent auditor comments To review financial
statements independent auditor reports and follow upon corrective actions
Membership composed of the Lakewood City Council Finance Committee members two
Lakewood residents appointed by City Council and four Lakewood residents appointed by
the Mayor
Termsinitially one Council appointment and two Mayoral appointments shall serve for
one year Thereafter each appointment and the remainder of all other initial appointments
shall serve for a period oftwo years
Bylaws and General Rules ofOperations Committeeshall meet at least on a quarterly
basis The Committee shall devise its own officers governance and place and time of
assembly
In 2010 the Audit Committee has met every month with the exception of May Key accomplishments
achieved during this time period were
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Key Activities for the in Quarter 2010 included the following
Governance activities which included recording current and reappointed members and
respective termsre affirm and revise the Annual Meeting Planner and establishedthe
Committee s meeting schedule for the year
Metwith the Finance Director and Assistant Finance Director who provided an update on
thefinancial results ofthe City for theyear ended December 31 2009 review the final 2010
budget 2009 Audit status and various Finance Department initiatives for2010
Review of the Finance Department s plan in preparation for the 2009 Audit
Pre
Engagement meetingwith representatives ofJames G Zupka CPA Inc Independent
Auditor to review the nature and scope ofthe 2009 Audit preliminaryfindings timeline of
audit completion and changes in GASB
J