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.
The committee meets a minimum of four times a year or as deemed necessary by a majority of the committee members or chair.
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.
- Kevin Fletcher (Term expires: September 30, 2022)
- Pamela Horiszny (Term expires: September 30, 2021)
- Stan Koniz (Term expires: September 30, 2021)
- David Case (Term expires: September 30, 2021)
- Valerie Walling (Term expires: September 30, 2022)