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HomeMy WebLinkAboutItem 4.7 - 1527 Ad-hoc Audit Sub-committee Page 1 of 2 STAFF REPORT CITY COUNCIL DATE: July 18, 2017 TO: Honorable Mayor and City Councilmembers FROM: Christopher L. Foss, City Manager SUBJECT: Appointments to the 2017 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, 2017. The City Council will consider the appointments to the 2017 Ad- Hoc Review Committee, comprised of two City Councilmembers recommended by the Mayor, who will review the audit process and final report (for the period ending Ju ne 30, 2017) with the auditors. STAFF RECOMMENDATION: Confirm the Mayor’s appointment of Councilmember Hernandez and Councilmember Goel as the 2017 Ad-Hoc Audit Review Committee that will serve for a limited time. FINANCIAL IMPACT: The cost of the audit has been included in the Fiscal Year 2017 -18 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 2, 2017. The independent auditors are required to follow protocols established by the Auditing Sta ndards 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 wi th 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 or October to review the audit process, and again in December to review the draft financial report. 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. Page 2 of 2 Last year the Committee was comprised of Councilmember Biddle and Mayor Haubert. This year, Mayor Haubert is recommending the appointment of Councilmembers Hernandez and Goel to serve as the 2017 Ad-Hoc Audit Review Committee. NOTICING REQUIREMENTS/PUBLIC OUTREACH: None ATTACHMENTS: None.