(a) provide recommendations regarding the appointment of the external auditor for the district;

(b) meet with the external auditor prior to commencement of the audit;

(c) review and discuss with the external auditor any risk assessment of the district's fiscal operations developed as part of the auditor's responsibilities under governmental auditing standards for a financial statement audit and federal single audit standards if applicable;

(d) receive and review the draft annual audit report and accompanying draft management letter and, working directly with the external auditor, assist the trustees or board of education in interpreting such documents;

(e) make a recommendation to the trustees or board of education on accepting the annual audit report; and

(f) review every corrective action plan to be developed by a school district as required by section twenty-one hundred sixteen-a of this article and assist the trustees or board of education in the implementation of such plan. 6. In addition, it shall be the responsibility of the audit committee to assist in the oversight of the internal audit function required by section twenty-one hundred sixteen-b of this article, including, but not limited to, providing recommendations regarding the appointment of the internal auditor for the school district, the review of significant findings and recommendations of the internal auditor, monitoring of the school district's implementation of such recommendations, and the evaluation of the performance of the internal audit function. 7. Notwithstanding any provision of article seven of the public officers law or any other law to the contrary, a school district audit committee may conduct an executive session pursuant to section one hundred five of the public officers law pertaining to any matter set forth in paragraphs b, c, and d of subdivision five of this section. Any trustee or member of the board of education who is not a member of such audit committee may be allowed to attend an audit committee meeting if authorized by a resolution of the trustees or board of education. 8. The commissioner is authorized to promulgate regulations with respect to audit committees as is necessary for the proper performance of their duties. 9. As long as the chancellor of a school district in a city having a population of one million or more inhabitants shall annually certify to the commissioner that such district has a process for review by an audit committee of the district's annual audit that meets or exceeds the requirements of this section, the provisions of this section shall not apply to such school district.