HomeMy WebLinkAboutAudit Advisory CommitteeAUDIT ADVISORY COMMITTEE
ANNUAL REPORT — 2016
Is the Committee serving the purpose for which it was created?
The Audit Advisory Committee (Committee) was created to assist the Mayor, the City Commission, and
the City Manager of the City of Miami (the "City") with fulfilling their fiduciary responsibilities relative
to accounting, auditing, and financial reporting.
During the calendar year 2016 the Committee met once due to the difficulty of assembling the required
quorum due to lack of committee members.
Is the Committee serving current community needs?
The Audit Advisory Committee members are accounting professionals that do business in the City, are
City residents and in some cases are both. The members are neither employed nor compensated by the
City. Through providing independent advice and oversight over the City's overall financial and
internal/external audit functions, the Committee serves a useful purpose to the community.
What is the Committee's major accomplishment?
On May 11, 2016 the committee met with the representatives from RSM LLP US, for a presentation of
the FY 2016 audit results. The Committee discussed the findings of the City's Comprehensive Annual
Financial Report, the Single audit, and the significant internal control deficiencies that were identified.
The discussions included the corrective actions being taken to correct the deficiencies disclosed by the
external auditors.
Is there any other Committee, public or private, which could better serve the functions of this
Committee?
The committee is not aware of any other committee that could better serve the functions of the Audit
Advisory Committee.
Should the Ordinance creating the Committee be amended to better enable the Committee to serve
the purpose for which it was created?
No.
Should the Committee's membership requirements be modified?
The Committee is satisfied with its membership requirements as established by the City Code. The
Committee requests that prompt appointments to fill vacant positions on the Committee be made. Timely
appointments will enable the Committee to muster the required quorum for its meetings.
The total cost, both direct and indirect costs of maintaining the Committee?
There is no material direct/indirect cost associated with the activities of this Committee.