Audit committee sets external-audit timeline, proposes internal-audit appendix to bylaws

Grand County's audit committee reviewed the external audit schedule and discussed strengthening the audit committee's duties by adding the internal-audit charter as an appendix to the bylaws.

Quinn Hall, deputy administrator, told the committee the external auditors would be on-site April 13–17 for fieldwork. Committee members asked staff to follow up with component units to ensure they submit required financial statements on time so the external audit can proceed on schedule.

Karen, speaking for commission administration, said the external auditor is expected to provide a draft of the financial statements on May 15 and that the audit committee would review that draft at its next committee meeting (dates in the record were discussed as the 20th/29th of May). "I have that as May 15 for your external auditor and the audit committee meeting on the 20 ninth," Karen said in the record. Committee members agreed to firm up calendar invitations and to coordinate component-unit follow-ups.

Julian recommended adding the internal-audit charter to the audit-committee bylaws as an appendix and suggested building an annual task into committee duties to sample transactions (including credit-card activity) for review. Committee members agreed that an appendix or cross-reference to the internal-audit charter would be appropriate and that the credit-card sampling task could be part of long-term committee responsibilities.

The committee set dates for future audit-related reviews and asked staff to circulate draft materials and calendar invites for the May review and the committee meeting where the external-audit draft will be examined.