The Audit Advisory Committee oversees the county's internal audit fuction, which has responsibilties in three areas:
1) Internal Controls
The committee monitors the county's system of internal controls to determine their adequacy for safeguarding county assets and ensuring efficient operations. The areas of concern include, but are not limited to:
• Cash transactions (receipts, disbursements, physical controls, etc.)
• Receivables and billing processes
• Capital assets (acquisitions, disposals, inventory, insurance coverage, expense items, etc.)
• Contracts (documentation, adherence to policy, etc.)
• Payroll systems
• New technology developments
• Investments
2) Legal Compliance:
The committee monitors the County's system of internal control to assure that programs, transactions, grants and other pertinent matters comply with the appropriate laws, regulations, and policies.
3) Financial Reporting:
The committee assists in assuring that financial information generated from the various county systems is reliable and timely and has clarity and appropriate disclosures. To this end, the internal auditor assists in coordinating year-end audit efforts with the external auditor. The committee ensures that external and internal auditor recommendations for improvements in internal controls and operating methods receive management's attention.
4) The Audit Advisory Committee presents to the County Board an annual report of its activities.