Sec. 16-96. - Audit management letter.

(a)

The city is required by local, state and federal regulations to commission an annual audit of its financial statements. As part of the annual audit process, the city's auditors issue internal control and compliance reports and a management letter detailing issues of internal controls and material weakness.

(b)

The city and the school district shall prepare a written response to each deficiency and compliance finding noted in the management letter for the annual audit. Such response must be prepared and submitted to the city council, school committee, and state oversight body, if applicable, within 45 days of receipt of the management letter.

(c)

The mayor and the superintendent of schools shall provide a status report to the city council and the school committee, respectively, on a quarterly basis.

(Ch. 559-A, § 1, 7-26-12; Ch. 877, § I, 6-6-23)