General Information
During the spring of 2003, the City established an Audit Committee comprised of a Council member, the City Manager, the City Chief Financial Officer and three residents of Lone Tree who are certified public accountants or who otherwise possess the expertise and experience in accounting, auditing, financial reporting and finance needed to understand and resolve issues raised by the independent audit of the City's financial statements.

Responsibilities
The Audit Committee's responsibilities include:

• Assisting in focusing and documenting the City's process for managing the financial statement audit

• Decreasing reliance on the auditor's technical expertise

• Facilitating communication between the auditor and Council

• Making recommendations to Council regarding the audit

• Instructing the auditor regarding "tests” desired as part of the annual audit

• Reviewing drafts of the annual financial statements

• Reviewing the City's financial reports