The City Manager is hereby authorized to create an Audit Review Committee composed of five members. The members shall be appointed by the City Manager, with the advice and consent of the City Council. The Audit Review Committee shall be composed of two member of the City Council, a City staff member, a finance director from another municipality or public organization, and a member of the community with related experience and expertise. Preference will be given to persons with accounting or auditing experience, background or expertise.