The City of Lakewood Audit Committee was established (LCO Chapter 160) in 2007 to provide independent review and oversight of the City’s financial reporting processes, internal controls, and the independent auditor comments. The Committee shall review financial statements, independent auditor reports and follow up on corrective actions; review the City of Lakewood’s comprehensive framework of internal controls; to assess the performance of the independent auditor; and to provide an independent forum to report findings of management fraud, abuse or control override to the independent auditor.
The Audit Committee shall be composed of the Lakewood City Council Finance Committee members, two Lakewood residents appointed by City Council and four Lakewood residents appointed by the Mayor. The appointed Lakewood residents must currently or formerly have been employed in the finance industry, or serve in a finance capacity, preferable within government finance, and/or must be a recognized expert of the finance industry. Committee members shall receive no compensation for their service and shall have a point of contact in the Department of Finance.