Label
Council Members Moline, Hobbs, Morris, Sarantou & Cherry
Title
Enacting a New Toledo Municipal Code Chapter 194, Toledo City Auditor Powers and Duties; and declaring emergency.
Body
SUMMARY & BACKGROUND:
This Ordinance enacts a new Toledo Municipal Code Chapter 194, Toledo City Auditor Powers and Duties, to improve, expand upon and support the powers and duties of the Toledo City Auditor as codified in Section 125 and 126 of the Toledo City Charter. The internal audit function is critical to assist in Toledo City Council's responsibility to oversee the fiscal management and internal controls of the City of Toledo as effectively and efficiently as possible. This Ordinance further formalizes the internal audit function in the City of Toledo and helps maintain a comprehensive framework of internal controls, especially in activities that contain a high degree of risk.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That a new Toledo Municipal Code Chapter 194, Toledo City Auditor Powers and Duties, is enacted to read as follows:
CHAPTER 194
Toledo City Auditor Powers and Duties.
194.01 Definitions
194.02 Overview of Powers and Duties of the Office of the City Auditor
194.03 Powers of the City Auditor
194.04 Duties of the City Auditor
194.05 Reporting to Toledo City Council
194.06 Evaluation of the City Auditor
194.01 Definitions
"Internal Controls" means the processes designed by management to provide reasonable assurance in the achievement of objectives relating to compliance, operations and reporting, as defined by COSO (Commission of Sponsoring Organizations of the Treadway Commission): Objectives include a) effectiveness and efficiency of operations; b) reliability of financial reporting; and c) compliance with applicable laws and regulations.
"Internal auditing" means the act of objectively appraising the compliance, operations, reporting and internal controls of the City of Toledo.
"Audit" ...
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