City Finances Monitored By Audit Committee
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For Immediate Release: January 08, 2013
Contact: Lin-Lin Cheng, Finance Director, (650) 286-3265, lcheng@fostercity.org

The City of Foster City is looking for residents who have expertise, background or interest in the finances of the City to serve in an advisory capacity to the City Council on the City’s Audit Committee.

Foster City’s Audit Committee plays an important role in advising the City Council in matters related to City finance, including the selection of an independent auditing firm, review of the annual audit process, review of financial statements and other financial matters as requested by the City Council.

The Audit Committee meets twice annually to review and discuss important City financial documents including the audit schedule, the investment portfolio, the Comprehensive Annual Financial Report (CAFR) and the auditor’s management letter. Further, each year the Committee selects an item of interest for directed study by the independent auditors and reviews the results of that study, making recommendations for improvement to the City Council. The Audit Committee also participates in the selection of the City’s independent auditors when each multi-year contract expires.

There are currently vacancies on the Audit Committee. To apply, go to the City’s website, www.fostercity.org.

The Audit Committee typically meets in the spring and in the fall of each year. The next meeting is scheduled for Tuesday, April 23, 2013 at 7 PM. The public is welcome to attend all meetings. For more information about the Audit Committee, please contact committee staff liaison Lin-Lin Cheng at 286-3265 or lcheng@fostercity.org.

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