HomeMy WebLinkAbout4.16 - 2321 2018 Ad-Hoc Audit Review Committee
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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.
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STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
None.
ATTACHMENTS:
None.