RESOLUTION # 0O-O1-(7__ RESOLUTION ESTABLISHING AN AUDIT COMMITTEE WHEREAS, Buncombe County is required by North Carolina General Statutes to have an independent audit of its financial statements conducted by @ Certified Public Accountant; and WHEREAS, Buncombe County has had established for many years the position of Internal Auditor; and WHEREAS, recognizing that reliable audits are essential to the credibility of financial reporting by local governments, the Government Finance Officers Association (GFOA) has recommended the practice of establishing an Audit Committee; and WHEREAS, the Buncombe County Board of Commissioners has determined that it is desirable to establish an Audit Committee as recommended by the GFOA; NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of Buncombe County that: 1. The primary responsibilities of the Audit Committee shall be to oversee the independent audit of the County’s financial statements, from the selection of the independent auditor to the resolution of audit findings and to provide an annual evaluation of the budget documents. 2, The Audit Committee shall have access to the reports of any internal auditors, as well as access to any annual internal audit work plans. 3. The Audit Committee shall present annually to the Board and management a written report of how it has discharged its duties and met its responsibilities. 4. The members of the Audit Committee collectively shall possess the expertise and experience in accounting, auditing, and financial reporting needed to understand and resolve issues raised by the independent audit of the financial statements. 5. The Audit Committee will be comprised of seven members appointed by the Board of County Commissioners as follows: one member of the Board of County Commissioners, one member of the County’s Management Team; one member of another governing body within the County; two members of the accounting profession; ‘one member of the banking community; and one member of the business community in general.| | THIS resolution is effective upon adoption. ADOPTED this [Af day of September, 2000. ATTEST. BOARD OF COMMISSIONERS FOR THE COUNTY OF BUNCOMBE BY: TOM SOBOL, CHAIRMAN JOE CONNOLLY, COUNTY ATTORNEYBUNCOMBE COUNTY Proposed Members of Audit Committee [Gategory of Wemberanp ame and Adarese Phone No, Fano: [Ema Adarese Representative (1) of Board of County Commrs Nathan Ramsey Ichairman [Board of County Commissioners 1877 Charlotte Highway Fairview, NC 28730 520-620-2216] Mobi 826-768-2216] 528-628-3217 lcowman@gateway.net [Representative (1) of Management Team Wanda Greone JCounty Manager Jone Oak Plaza, Ste 105 JAsheville, NC. 28801 [S25-250-4107 sae TES Baer lareenew@eobuncombe nous Representative (1) of Other Gov Body th County Vince Parsons {Town of Weavervitlo. hs Preston Cour |Weaverville, NC 20787 [s28-655-0925} [aza-ae-7925] [vaparsn@attgrobar net [Representatives @) of Accounting Profession Scot Hughes, CPA Hughes Hughes & Co, PA 36 Arlington Street JAshovill, NC 28801 ze TETAIOD ext 103, aeoerr Jshughescpa@aol.com [Tonn Kiedis, CPA Kiedis & Co CPA, PA 355 Mereimon Ave Asheville, NC 28801 25 2EeaeTS Bae TET ETTD [imiiedis@act.com [Representative (1) of Banking Profession Ernest Ferguson |wachovia Bank, NA Po Box 2510 [Asheville, NC 28802-2810 saEaaE SOT Derren lemiestTorguson@wachovia.com [Representative (1) of Business Community at Large ETizaboth Graham IGranam-Cross Investments +60 Patton Mountain Re JAshevitle, NC 28805, eae TS AST 620-654.6122| (Pager, [axe-255 535] a Audit Committee Members1/18/013:36 PM Propared by Naney Brooks