HomeMy WebLinkAboutItem 8.1 Appoint Ad Hoc Review CAFRor
19 82
/ii � 111
DATE:
TO:
FROM:
SUBJECT
STAFF REPORT
CITY COUNCIL
July 15, 2014
Honorable Mayor and City Councilmembers
CITY CLERK
File #610 -40
Christopher L. Foss, City Manager "
Confirmation of Appointment of City Council 2014 Ad -Hoc udit Review
Committee
Prepared by Colleen Tribby, Administrative Services Director
EXECUTIVE SUMMARY:
The independent auditors from the firm of Maze and Associates have scheduled their field work
necessary to complete the Comprehensive Annual Financial Report (CAFR) for the year ending
June 30, 2014. The City Council will consider the establishment of an Ad Hoc Committee,
comprising two City Councilmembers, to review the audit process and final report with the
auditors.
FINANCIAL IMPACT:
The cost of the audit has been included in the City Council activity of the Fiscal Year 2014 -15
Budget.
RECOMMENDATION:
Staff recommends that the City Council confirm the Mayor's appointment of Councilmember
Hart and Councilmember Gupta as the 2014 Ad -Hoc Audit Review Committee that will serve for
a limited time. The Committee will meet with the City's auditors to review and discuss the audit
report for the period ending June 30, 2014.
Submitted By
Administrative Services Director
DESCRIPTION:
%\ Reviewed By
Assistant City Manager
The independent auditors from the firm of Maze and Associates have scheduled to begin the
field work for the City's financial audit the week of October 13, 2014. The Auditing Standards
Board establishes required protocols to be followed by independent auditors, and issues their
directives in documents referenced as the Statement on Accounting Standards, which are
applicable to both private and governmental entities.
Page 1 of 2 ITEM NO. 8.1
These standards require that the auditors communicate directly with those charged with
governance. The Ad -Hoc Audit Review Committee, comprising two Councilmembers appointed
by the Mayor, is established each year for this purpose. The Committee typically meets with the
auditors twice: first in September to review the audit process, and again in December to review
the draft financial report. At a future City Council Meeting, after the Committee has had an
opportunity to review and discuss the report with the auditors, Staff will prepare an agenda item
for action by the entire City Council.
Last year the Committee was comprised of Vice Mayor Biddle and Councilmember Haubert.
Mayor Sbranti has recommended the appointment of Councilmember Hart and Councilmember
Gupta to serve as the 2014 Ad -Hoc Audit Review Committee.
NOTICING REQUIREMENTS /PUBLIC OUTREACH:
A copy of the Staff Report has been provided to Katherine Yuen, Partner, Maze and Associates.
ATTACHMENTS:
1101
Page 2 of 2