HomeMy WebLinkAbout8.4 Appoint 08 Ad-Hoc Audit
CITY CLERK
File # D[][][Q]-~[{2]
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: August 19, 2008
SUBJECT:
Confirmation of Appointment of City Council 2008 Ad-Hoc Audit
Review Committee
Report Prepared by: Paul S. Rankin, Administrative Services Director 6l~
ATTACHMENTS:
None
RECOMMENDATION: ~
Confirm the Mayor's recommendation to appoint Vice Mayor
Sbranti and Councilmember Scholz to meet with the City Auditors
to review and discuss the report for the period ending June 30, 2008.
FINANCIAL STATEMENT: Designation of a Committee has no financial impact. The complete
Audit and Financial Report will be presented to the full City Council at a future meeting.
DESCRIPTION: The independent auditors from the firm of Caporicci and Larson are preparing to
begin the field work for the City Audit the week of September 15,2008. The timing for the selection of
the Ad-Hoc Committee has been advanced compared to previous years, due to changes issued by the
Auditing Standards Board (ASB). The ASB requirements are promulgated as a Statement on Accounting
Standards (SAS) No. 114 applicable to both private and governmental entities.
The new standards require that the Auditors communicate directly with those charged with governance.
In the past, the City Council has established an Ad Hoc Committee to review with the Auditors once their
field work was complete. SAS no.114 adds a requirement that the Auditors communicate with the Ad-
Hoc Committee in advance of performing the work in order to advise the representatives of the governing
body of the planned scope and timing of the audit.
Last year Council appointed Vice Mayor Tim Sbranti and Councilmember Hildenbrand to serve on the Ad
Hoc Audit Review Committee. Once the Committee is designated a meeting will be scheduled to meet
with the Auditor in advance of September 15, 2008 and again after the work is completed and the report is
available. At a future Council Meeting, after the Committee has had an opportunity to review and discuss
the report with the Auditors, Staff will prepare an agenda item for action by the entire City Council.
Mayor Lockhart recommends the appointment of the Vice Mayor Sbranti and Councilmember Scholz.
RECOMMENDATION:
Confirm the Mayor's appointment of Vice Mayor Sbranti and Councilmember Scholz as the 2008 Ad-Hoc
Audit Review Committee that will serve for a limited time. The Committee will meet with the City
Auditors to review and discuss the audit report for the period ending June 30, 2008.
COPY TO:
Ahmed Badawi, Caporicci & Larson, CPA
Page 1 of 1
ITEM NO.
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G:\Audit\FY 07-08 Annual Audit\Agenda Statements\AdHocCommittee\Ad Hoc Audit Committee - ag stmt(2008).DOC