Within thirty (30) days after the beginning of each fiscal year, the board employs an independent, certified public accountant to make an audit of all financial records of the city for the previous fiscal year. The auditor performs adequate sampling to determine validity of the records.
Each audit includes determination of legality of transactions, mathematical accuracy of records, complete accountability, and application of accepted municipal accounting principles. The audit is made in accordance with generally accepted auditing standards and in conformity with generally accepted accounting principles and any applicable state and/or federal audit guidelines.
See attached document below.