The Audit Committee provides oversight by offering objective advice and recommendations to the Board on whether the County’s governance, risk management, and internal control processes are suitably designed and working as intended to achieve the objectives. The Committee helps build trust and confidence in how the County is managed. The Committee should exercise due care in fulfilling its oversight responsibilities. The Committee has three fundamental goals. First, it must satisfy itself that management is maintaining a comprehensive framework of internal control. The County has adopted the COSO Internal Control Integrated Framework. Second, the Committee must ensure that management’s financial reporting practices are assessed objectively. Third, the Committee needs to determine to its own satisfaction that the financial statements or other processes are properly audited and that any problems disclosed in the course of the audit are satisfactorily resolved.
The Committee assists the Board in fulfilling their governance and oversight responsibility to:
• Oversee the independent audit of the County’s financial statements, from the selection of the independent audit firm to the resolution of the audit findings
• To oversee the County’s internal audit function
• To oversee the County’s risk management, control, and governance processes.