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Item 15 - Agreement for Professional Auditing Services
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05/04/2021 Regular
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Item 15 - Agreement for Professional Auditing Services
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4/9/2024 4:36:50 PM
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8/21/2023 4:56:54 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Clerk of the Council
Item #
15
Date
5/4/2021
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f5.0ae.aoo -- User Activity by Month <br />14.000.OW rrm <br />u,000.000 <br />10,000.000 rw. <br />rna, <br />.d <br />6.D00,000 <br />4 f r"ni <br />9.060,000 � rHP <br />1 ra.r <br />2,000.000 ■1b. <br />Bsirroxcn G1owx cbrewn "A- yurx <br />Si00.a00 Receipts and Disbursements Trending <br />$ 00 oae <br />51100.G00j S "o, fir' <br />51200.u00}, <br />Si1a0,aaoV <br />5(400.0m) ....,r _. <br />S[sao,ewl <br />SIs00A0r1 <br />Transaction Activity <br />4.0*0 <br />=�� <br />iDato Analytics. At the end of a series of pre -determined analytics (often retrieved from multiple proprietary accounting <br />systems) that are customized to the project at hand, we identify anomalies and potential errors in transactions. In every <br />case, we review what appears to be inappropriate activity, including supporting documentation evidencing the transactions. <br />Procedures used to understand internal processes and controls <br />We understand with a change in the engagement principal and a different <br />approach with CLA would require a new to develop an understanding of <br />the City and its internal control and operating structure. We also strive to <br />develop our understanding in the least intrusive manner possible, while still <br />maintaining our professional responsibilities. We would utilize a <br />combination of internal control forms and interviews with key accounting <br />personnel to gain and document our understanding of the City. We will also <br />use as a baseline any existing internal control processes, policies, <br />organizational charts, etc. the City may have already documented. Tests of <br />design and operating effectiveness would then be performed to confirm <br />our understanding. <br />The Committee of Sponsoring Organizations of the Treadway Commission <br />(COSO) has established a framework for internal control systems. Under <br />C050 In term! Control: <br />the COSO framework, internal control is a process to provide reasonable Integrated Framework <br />assurance that those internal objectives, including effectiveness and <br />efficiency of business operations, reliability of financial reporting, and compliance with applicable laws and <br />regulations, will be met. <br />Our audit approach is designed to evaluate and test the departmental internal controls in accordance with COSO <br />concepts. Our procedures include a review of the overall control environment, determination of the internal <br />controls which are determined to be direct and material to the federal program under review, determination of <br />the adequacy of those procedures, and testing of the procedures to determine if they are functioning as <br />designed. <br />
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