To assist the county and its commissioners in their evaluation of internal controls, reporting practices and audit findings.
- Recommends independent audit firm to the Board of County Commissioners.
- Reviews all audited financial statements and other reports as needed.
- Reviews accounting and reporting issues during the annual external audit and understand any impact on the financial statements.
- Reviews with the independent auditors any issues encountered with management and staff during the audit.
- Assesses performance of the independent auditors any issues encountered with management and staff during the audit.
- Assesses performance of the independent auditors and provide feedback to respective county departments and commissioners.
- Reviews the comprehensive framework of the internal control structure and the county’s policies and procedures and identify areas of risk to report.
- Reports any issues brought to the committee by any audits or consultants to the Board of County Commissioners and respective departments.
There are five members of the committee appointed for two-year terms with a term limit of four consecutive two-year terms (eight years). There are a number of qualifications for membership, including:
- An understanding of generally accepted accounting principles, including those relevant standards for local and government accounting and financial reporting issued by the Governmental Accounting Standards Board; an understanding of financial statements and generally accepted auditing standards. Working knowledge of the enabling laws and regulations that the government operates within would be valuable.
- Ability to assess the general application of the foregoing principles and standards in connection with the accounting for estimate accruals, external restrictions and reserves.
- Experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that can reasonably be expected to be raised by the organization’s financial operations.
- An understanding of internal controls and procedures for financial reporting.
- Basic understanding of an audit committee function and responsibility to the organization. A basic understanding of the operation environment and structure of a statutorily-defined county government in Colorado.
- Open (Term expires: September 30, 2022)
- Madonna Nuce (Term expires: September 30, 2023)
- Stan Koniz (Term expires: September 30, 2023)
- David Case (Term expires: September 30, 2023)
- Valerie Walling (Term expires: September 30, 2022)