Audit Committee

The Henrico County Audit Committee consists of two members of the Board of Supervisors (currently Mr. Donati and Mrs. O'Bannon ) and the County Manager (Mr. Hazelett). Here is the Audit Committee's Statement of Purpose:

OVERVIEW

The Audit Committee was created by the Board of Supervisors on January 26, 1983 during a Board Work Session to help find ways the County can reduce expenses. This Statement of Purpose identifies the responsibilities of the Audit Committee and other related matters.

 

RESPONSIBILITIES

Representative responsibilities of the Audit Committee include:

 

• Reviewing the independent auditors' proposed audit scope and approach.
• Communicating with and reviewing the activities and effectiveness of internal auditors including the audit plan.
• Reviewing financial statements and the results of the independent audit.
• Considering management's recommendation on the appointment of independent auditors.
• Overseeing or conducting special investigations or other functions on behalf of the Board of Supervisors.

MEETINGS

The Audit Committee schedule includes:

 

• A preaudit meeting with the independent auditors to:
  1. Develop a basic familiarity with their approach and the scope of their examination.
  2. Obtain the auditors' advice about internal controls and special areas that may need attention.
  3. Become aware of recent developments in accounting principles or reporting practices that may affect the County.
• A post audit meeting with the external auditors and County financial management to review the year's financial statements.
• Periodic meetings with management, the external auditors and the internal auditors, as needed.

APPROVED: July 26, 2005 by the Audit Committee Members.