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Home My WebLink AboutItem 4.16 - 2321 2018 Ad-Hoc Audit Review Committee Page 1 of 2 STAFF REPORT CITY COUNCIL DATE: November 20, 2018 TO: Honorable Mayor and City Councilmembers FROM: Christopher L. Foss, City Manager SUBJECT: Appointments to the City Council 2018 Ad-Hoc Audit Review Committee Prepared by: Jay Baksa, Financial Analyst EXECUTIVE SUMMARY: The City’s independent auditor, Badawi and Associates, has commenced the field work necessary to complete the Comprehensive Annual Financial Report for year ending June 30, 2018. The City Council will consider the es tablishment of an Ad-Hoc Committee, comprised of two City Councilmembers, who will review the audit process and final report with the auditors. STAFF RECOMMENDATION: Confirm the Mayor’s appointment of Vice Mayor Hernandez and himself as the 2018 Ad-Hoc Audit Review Committee that will serve for a limited time. FINANCIAL IMPACT: The cost of the audit was included in the Fiscal Year 2018-19 adopted budget. DESCRIPTION: The independent auditors from the firm of Badawi and Associates are required to follo w protocols established by the Auditing Standards Board and issue their directives in documents referenced as the Statement on Accounting Standards, which are applicable to both private and governmental entities. These standards require that the auditors communicate directly with those charged with governance. The Ad-Hoc Audit Review Committee, comprised of two Councilmembers appointed by the Mayor, is established each year for this purpose. After the Committee has had an opportunity to review and discus s the report with the auditors, at a future City Council meeting, Staff will prepare an agenda item for action by the entire City Council. Last year, the Committee was comprised of Vice Mayor Hernandez and Councilmember Goel. Mayor Haubert has recommended the appointment of Vice Mayor Hernandez and himself to serve as the 2018 Ad-Hoc Audit Review Committee. Page 2 of 2 STRATEGIC PLAN INITIATIVE: None. NOTICING REQUIREMENTS/PUBLIC OUTREACH: None. ATTACHMENTS: None.