All of the City's financial records are subjected to an independent annual audit. Lake Forest is one of only a handful of municipalities nationwide that makes use of an independent Audit Committee serving as an oversight body on behalf of the City Council during preparation of the annual audit and in matters concerning the City's Ethics Ordinance. It also acts as an independent review body upon request by the Mayor and City Council. Audit Committee members, appointed by the Mayor and City Council, have expertise in the area of financial administration and auditing.
The Committee meets on the third Thursday of January, April, July, and October.