An Audit Committee of The City of New York (the “Audit Committee”) has been established pursuant to Section 97 of the City Charter effective December 18, 2009. The Audit Committee consists 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 Audit Committee shall elect a private member as chair for an annual term commencing on the first day of March.
The Audit Committee shall:
- approve or disapprove the Comptroller’s suspension or withdrawal of authority delegated to an agency pursuant to subdivision H of Section 93 of the City Charter;
- select a firm or firms of certified public accountants to perform the annual audit of the City’s accounts required by Section 95 of the City Charter;
- assist in the determination of areas of inquiry for, review the progress of, and evaluate the re approve the selection of the independent actuary to perform the actuarial audit required by Section 95 of the City Charter;
- approve the selection of the independent actuary to perform the actuarial audit required by Section 96 of the City Charter; and and
- perform such other functions as are agreed to by all of the members.
Additional responsibilities of the Audit Committee include the review of financial statements and the auditor’s management letters for the City and its component units and, where appropriate, shall comment on the material presented. In addition, the Audit Committee shall publish an annual report no later than February 28th of each year, with the exception of Leap Year, detailing the activities and decisions of the Audit Committee for the prior twelve months.