SECTION 1. Article 7 of section 22 of chapter 72 of the acts of 2013 is hereby amended by striking out Section 7-6 inserting in place thereof the following section:-

SECTION 7-6 INDEPENDENT AUDIT.

The city council shall annually provide for an outside audit of the books and accounts of the city to be conducted by a certified public accountant or a firm of certified public accountants, which has no personal interest, direct or indirect, in the fiscal affairs of the city or any of its officers. The mayor shall annually provide to the city council a sum of money sufficient to satisfy the estimated cost of conducting the audit as presented to the mayor, in writing, by the city council. The city council may award a 1 year or multiple year contract to audit on or before September 15 of the first year of the contract year. The report of the audit shall be filed in final form with the city council not later than March 1 in the year following its award. At least every 5 years, the city council shall conduct a competitive procurement process to retain these auditing services.

SECTION 2. All contracts for audit services entered into or executed by the city before the effective date of this act shall be valid and enforceable.