HomeMy WebLinkAboutItem 4.02 Audit Review Appoint Councilmember
STAFF REPORT
CITY COUNCIL
DATE:July 19, 2016
TO:
Honorable Mayor and City Councilmembers
FROM:
Christopher L. Foss, City Manager
SUBJECT:
Confirmation of Appointment of City Council 2016 Ad-Hoc Audit Review
Committee
Prepared by: Colleen Tribby, Administrative Services Director
EXECUTIVE SUMMARY:
The City’s independent auditors, Maze and Associates, have commenced the field work
necessary to complete the Comprehensive Annual Financial Report (CAFR) for year
ending June 30, 2016. The City Council will consider the establishment of an Ad-Hoc
Committee, comprised of two City Councilmembers, who will review the audit process
and final report (for the period ending June 30, 2016) with the auditors.
STAFF RECOMMENDATION:
Staff recommends that the City Council confirm the Mayor’s appointment of
Councilmember Biddle as well as himself to the 2016 Ad-Hoc Audit Review Committee
that will serve for a limited time.
FINANCIAL IMPACT:
The cost of the audit has been included in the City Council activity of the Fiscal Year
2016-17 budget.
DESCRIPTION:
The independent auditors from the firm of Maze and Associates have set in motion the
fieldwork for the City’s financial audit the week of October 10, 2016. The independent
auditors are required to follow protocols established by the Auditing Standards Board
and issues 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. The Committee
typically meets with the auditors twice: first in September or October to review the audit
process, and again in December to review the draft financial report. After the
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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 the Committee was comprised of Vice Mayor Gupta and Councilmember
Wehrenberg. Mayor Haubert has recommended the appointment of Councilmember
Biddle and himself to serve as the 2016 Ad-Hoc Audit Review Committee.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
None.
ATTACHMENTS:
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