The Audit Committee was created in 2006 when Denver voters voted to change the City Charter in order to streamline the City's financial structure. This Charter change, effective January 1, 2008 included the establishment of an independent Audit Committee. Previously Denver's audit committee was an internal function of the administration, creating a conflict of interest. The establishment of a truly independent audit committee resolved that conflict.
The Audit Committee is chaired by the Auditor and consists of the Auditor and six other members, with two each appointed by the Mayor, the City Council, and the Auditor. With the exception of the Auditor, no member of the Committee may hold any other office or employment with the City while serving on the Committee. Members are appointed on the basis of education or experience in accounting, auditing, financial management, or related fields of expertise. They serve four-year terms and are eligible for reappointment.
The Audit Committee receives the reports of audits conducted by the Audit Services Division of the Auditor's Office. The Audits are made available to the public, the Mayor, City Council and other officials. You can view these audits on the Audit Reports page.
Annually, the Audit Committee commissions and oversees an independent external audit of the finances of the City and County of Denver. This audit is of the City's Comprehensive Annual Financial Report (CAFR). The Audit Committee communicates findings and recommendations of the external auditor to the Mayor, Chief Financial Officer, City Council and to the general public.
Meetings will also be held on the third Thursdays in
November (November 19) and
December (December 17).