US Laws, Codes, Statutes & Cases

 
    §  97.  Audit  committee.  a.  There shall be an audit committee which
  shall consist of the mayor, the comptroller, the  public  advocate,  and
  four  private  members  appointed  by  the  mayor,  two of whom shall be
  appointed upon the recommendation of the comptroller. The members of the
  committee shall elect a private member  as  chair  for  an  annual  term
  commencing on the first day of March.
    b.  The  private  members of the audit committee shall include (i) two
  persons with expertise in finance, and (ii) two persons  with  expertise
  in  accounting.  Two  private  members,  one  of  whom  shall  have been
  recommended  by  the  comptroller,  shall  serve  for   two-year   terms
  commencing  on  the first day of March, nineteen hundred ninety; and two
  private members,  one  of  whom  shall  have  been  recommended  by  the
  comptroller,  shall serve for two-year terms commencing on the first day
  of March, nineteen hundred ninety-one. Private members shall continue in
  office until their successors have been appointed and qualified. Private
  members shall serve without salary but shall be reimbursed for  expenses
  actually  and necessarily incurred in the performance of official duties
  and shall also receive a per diem allowance when rendering  services  to
  the committee.
    c. The audit committee shall:
    (1)  approve  or disapprove the comptroller's suspension or withdrawal
  of authority delegated to an agency pursuant to subdivision h of section
  ninety-three;
    (2) select a firm or firms of certified public accountants to  perform
  the annual audit of the city's accounts required by section ninety-five;
    (3)  assist  in  the determination of areas of inquiry for, review the
  progress of, and evaluate the results of, the annual audit  required  by
  section ninety-five;
    (4)  approve  the  selection of the independent actuary to perform the
  actuarial audit required by section ninety-six; and
    (5) perform such other functions as  are  agreed  to  by  all  of  the
  members.