HomeMy WebLinkAbout4.04 Appoint CC Ad-Hoc Audit Review or
19 82 STAFF REPORT CITY CLERK
` CITY COUNCIL File #610-40
DATE: July 21, 2015
TO: Honorable Mayor and City Councilmembers
FROM: Christopher L. Foss, City Manager "
SUBJECT: Confirmation of Appointment of City Council 2015 Ad-Hoc udit Review
Committee
Prepared by Colleen Tribby, Administrative Services Director
EXECUTIVE SUMMARY:
Maze and Associates, the City's independent auditors, have commenced the field work
necessary to complete the Comprehensive Annual Financial Report (CAFR) for year ending
June 30, 2015. 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, 2015) with the auditors.
FINANCIAL IMPACT:
The cost of the audit has been included in the City Council activity of the Fiscal Year 2015-16
budget.
RECOMMENDATION:
Staff recommends that the City Council confirm the Mayor's appointment of Vice Mayor Gupta
and Councilmember Wehrenberg as the 2015 Ad-Hoc Audit Review Committee that will serve
for a limited time.
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Submitted By \ Reviewed By
Administrative Services Director Assistant City Manager
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 12, 2015. 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.
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These standards require that the auditors communicate directly with those charged with
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.
Last year the Committee was comprised of Councilmembers Hart and Gupta. Mayor Haubert
has recommended the appointment of Vice Mayor Gupta and Councilmember Wehrenberg to
serve as the 2015 Ad-Hoc Audit Review Committee.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
A copy of the Staff Report has been provided to Katherine Yuen, Partner, Maze and Associates.
ATTACHMENTS: None.
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