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19D - 2018-19 FISCAL RPT
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19D - 2018-19 FISCAL RPT
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Last modified
1/16/2020 7:05:17 PM
Creation date
1/16/2020 5:38:03 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
19D
Date
1/21/2020
Destruction Year
2025
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EXHIBIT 3 <br />To the Honorable City Council <br />of the City of Santa Ana <br />Santa Ana, California <br />We have audited the financial statements of the governmental activities, business -type activities, each <br />major fund, and aggregate remaining fund information of the City of Santa Ana, California (the City) <br />for the year ended June 30, 2019. Professional standards require that we provide you with information <br />about our responsibilities under generally accepted auditing standards and Government Auditing <br />Standards as well as certain information related to the planned scope and timing of our audit. We have <br />communicated such information in our planning letter to you dated June 13, 2019. Professional <br />standards also require that we communicate to you the following information related to our audit. <br />Significant Audit Matters <br />Qualitative Aspects of Accounting Practices <br />Management is responsible for the selection and use of appropriate accounting policies. The significant <br />accounting policies used by the City are described in Note 1 to the financial statements. No new <br />accounting policies were adopted and the application of existing policies was not changed during the <br />year ended June 30, 2019. We noted no transactions entered into by the City during the year for which <br />there is a lack of authoritative guidance or consensus. All significant transactions have been recognized <br />in the financial statements in the proper period. <br />Accounting estimates are an integral part of the financial statements prepared by management and are <br />based on management's knowledge and experience about past and current events and assumptions <br />about future events. Certain accounting estimates are particularly sensitive because of their <br />significance to the financial statements and because of the possibility that future events affecting them <br />may differ significantly from those expected. <br />The most sensitive estimates affecting the City's financial statements were as follows: <br />a. Management's estimate of the fair market value of investments is based on <br />quoted prices in an active market. When quoted prices in active markets are not <br />available, fair values are based on evaluated prices received by the City's broker <br />or custodian. <br />b. Management's estimate of the value of capital assets (infrastructure assets) is <br />based on industry standards. <br />c. The estimated useful lives of capital assets for depreciation purposes are based <br />on industry standards. <br />2875 Michelle Drive, Suite 300 1 hvine, 4fh0 8606 1 WNDECPA.com 1 714.978.1300 <br />
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