HomeMy WebLinkAboutItem 4.3 - 3308 Ad-Hoc Audit Review Committee (2)
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STAFF REPORT
CITY COUNCIL
DATE: July 21, 2020
TO: Honorable Mayor and City Councilmembers
FROM:
Linda Smith, City Manager
SUBJECT:
Appointments to the City Council 2020 Ad-Hoc Audit Review Committee
Prepared by: Lisa Hisatomi, Director of Administrative Services
EXECUTIVE SUMMARY:
The City’s independent auditor, Badawi and Associates, has commenced the field work
necessary to complete the Comprehensive Annual Financial Report for the fiscal year
ending June 30, 2020. The City Council will consider the establishment of an Ad-Hoc
Committee, made up of two City Councilmembers, who will review the audit process
and final report with the auditors.
STAFF RECOMMENDATION:
Confirm the Mayor’s Recommendation of Councilmembers Josey and Kumaga i as the
2020 Ad-Hoc Audit Review Committee.
FINANCIAL IMPACT:
The cost of the audit was included in the Fiscal Year 2020-21 adopted budget.
DESCRIPTION:
The independent auditors from the firm of Badawi and Associates are required to follow
protocols established by the Governmental 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, consisting of two Councilmembers
appointed by the Mayor, is established each year for this purpose. After the Committee
has had an opportunity to review and discuss 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, Councilmembers Josey and Kumagai served on the Committee. Mayor
Haubert has recommended the re-appointment of Councilmembers Josey and Kumagai
to serve as the 2020 Ad-Hoc Audit Review Committee.
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STRATEGIC PLAN INITIATIVE:
None
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
None
ATTACHMENTS:
None.