The council shall employ, by majority vote, a certified public accountant, or a firm of certified public accountants as independent auditor to conduct an annual audit and examination of the fiscal administration of the city. Copies of the annual audit and report shall, within a reasonable time after receipt thereof by the council, be furnished at a reasonable charge to persons requesting same upon payment therefor.
Unless the council shall by ordinance make other provision for the performance of the following functions, the independent auditor shall by contract also be required:
(a) To make such periodic examinations of the systems and procedures of the city for the receipt, disbursement, and accounting for funds of all types as are necessary to satisfy the auditor that such systems and procedures are efficient and give adequate protection for safeguarding city assets, protect against improper disbursements and assure reasonable protection against irregularity or defalcation.
(b) To make such sample tests, observations, inquiries and independent substantiations as are necessary to satisfy the auditor, within reason, that there is proper compliance with prescribed systems and procedures or in the operation thereof.
(c) To report the results thereof periodically to the city manager and the council, and report to the council instances of non-compliance with prescribed or recommended fiscal or accounting procedures where recommendations for compliance have not been implemented after reasonable time and opportunity.
The council may direct the city manager to report on the action taken or to be taken to remedy deficiencies reported by the auditor.