DATE: October 7, 2015
TO: Council Budget and Finance Committee
FROM: Director of Finance
SUBJECT
Title
Discussion of Audit Planning for Year Ended June 30, 2015
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RECOMMENDATION
That the Committee receives a presentation from the City’s external auditor and comments on this report.
Recommendation
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BACKGROUND AND DISCUSSION
Each year the City contracts with an external audit firm to conduct a review of its financial statements. The City is currently contracted with Maze & Associates to perform the audit for the year ended June 30, 2015. As part of each audit process, the Auditor is required to communicate with the City Council regarding the audit process pursuant to the Statements on Auditing Standards 114 (SAS 114).
SAS 114 Letter: The Auditor’s Communication with Those Charged with Governance
This letter is an AICPA (American Institute of CPAs) required communication letter for all financial statement audits. The purpose of the letter is to communicate to those charged with governance, the scope of audit procedures performed, significant findings, and other information, such as disagreements with management, audit adjustments and significant estimates, that aren’t communicated in the audited financial statements. Attachment I summarizes the SAS 114 communications as it pertains to the upcoming FY 2015 audit.
NEXT STEPS
The external auditor will continue the FY 2015 audit process - with planned completion in December 2015.
Staff contact
Prepared and Recommended by: Tracy Vesely, Director of Finance
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Approved by:
Fran David, City Manager
Attachments:
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Attachment I |
SAS 114 Summary |
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