The Financial Oversight and Audit Committee (“FOAC”) supports transparency and accountability for the City of El Paso’s financial operations by reviewing audit results, financial policies, and internal controls. The Committee provides recommendations to City Council to strengthen financial stewardship and public trust.
The Financial Oversight and Audit Committee was created for:
- The purpose of proving legislative oversight of the function of the Internal Auditor;
- To review the financial policies of the City; and,
- To formulate recommendations for the City Council regarding City finances and other matters referred by the City Council or City Manager.
The FOAC shall be comprised of four members of the City Council, the Chief Internal Auditor, and the City Manager or designee, and shall meet when needed, at least quarterly. Please refer to City Charter Section 3.6 B for additional information.
Duties of the Committee
(per 12-1019-035/127616_3/Reso)
In addition to reviewing and making recommendations to the entire City Council regarding the financial affairs and policies of the City as either referred by the City Council or requested by the City Manager, the FOAC shall:
Provide Audit Oversight
- Annually review the Internal Audit Charter of the City and recommend re-adoption or modification to the City Council, as may be necessary.
- Review the Annual Audit Plan recommended by the Internal Auditor and present it to City Council for review and approval.
- Meet quarterly to receive the Internal Auditor’s Quarterly report.
- Convene meetings as required by the Internal Auditor to address issues that might arise between quarterly meetings.
- Keep the City Council apprised of internal audit findings.
- Review the results of the Quality Assurance and Improvement “Peer Review” presented to City Council on an annual basis and make recommendations regarding same.
Review Financial Policies & Procedures
- Review City of El Paso’s financial policies and procedures as requested by the City Manager or Chief Financial Officer.
- Convene meetings as required by the Internal Auditor to address issues that might arise between quarterly meetings.
Report & Recommend
- Keep the City Council apprised of internal audit findings.
- Review and make a recommendation, on an annual basis, on the compensation and benefits package for the City Manager and the City Attorney.
Additional Information & Resources
• The Financial Oversight and Audit Committee Board Details & Member Roster
Working Deadlines for FOAC Agendas (NOTE: Accessible only to city staff and city representatives)
• Recommended Resources for Effective Internal Audit Oversight