As soon as practicable at the close of each fiscal year, and no later than six months thereafter, there shall be an audit of all accounts of the city made by a competent person authorized to act as an auditor under the laws of Illinois to be designated by the city council. Copies of such audit report shall be filed with the city clerk and with the State Auditor of Public Accounts and in such other places as may be required by Illinois Statutes. (Prior code § 2-7-12)