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Item 21 - Award a Contract to CliftonLarsonAllen LLP for Professional Auditing Services
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Item 21 - Award a Contract to CliftonLarsonAllen LLP for Professional Auditing Services
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5/13/2024 12:40:40 PM
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City Clerk
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Agenda Packet
Agency
Finance & Management Services
Item #
21
Date
5/7/2024
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control policies and procedures that effectively achieve the control objectives. We will then determine the <br />nature, timing, and extent of our control testing. <br />Approach to be taken in determining laws and regulations that will be subject to <br />audit test work <br />We will obtain an understanding of the laws and regulations that impact the City's operations by reviewing <br />council minutes to identify any ordinances or resolutions that might have an impact to operations and reporting <br />by the City, as well as interview key personnel and management of the City. The staff assigned to the <br />engagement attend regular trainings and are well versed in upcoming legislation and federal and state laws <br />(e.g., Uniform Guidance) and proactively discuss these upcoming changes with our clients. <br />We will also review current operations, contracts, and IGA's that may impact current operations. <br />Identification of anticipated potential audit problems <br />In situations where authoritative guidance on a particular transaction or accounting issue is unclear or subject to <br />interpretation, our approach is to proactively meet with management to discuss the issue and reach a <br />conclusion that is hopefully agreed upon by both parties. We do not have specific firm policies that dictate our <br />conclusions to be reached on all complex accounting issues. Rather, each issue must be evaluated independently <br />by our engagement team. As discussed above, we will not only meet internally, but also facilitate discussion with <br />the City's management team in order to obtain a mutual understanding of the particular accounting issue, <br />determine the applicable authoritative guidance that most closely relates to the issue, and strive to reach an <br />approach agreed upon by both parties. If there remains any ambiguity or disagreement, we can explore other <br />resources that could possibly assist, such as subject matter professionals within the Government Accounting <br />Standards Board staff or the Government Finance Officers Association (GFOA) or perhaps other municipalities <br />who may have dealt with similar issues. We have not currently identified any potential audit problems. <br />Communication process <br />Effective communication is critical to a successful engagement. This includes weekly status meetings where <br />observations, potential exceptions, and leading practices are discussed. To avoid surprises at the end of the <br />engagement, we discuss and document our observations, clarify fact patterns, and confirm management's <br />understanding and agreement with our findings. <br />CLA adheres to all auditing standards related to reporting observations, recommendations, and findings. All <br />significant deficiencies and material weaknesses will be reported to the audit committee/governance in writing. <br />Best practices, observations, and other matters will be reported to management in a management letter that <br />can be used as a tool to track the implementation of our recommendations. <br />Report to those charged with governance — In addition to observations and recommendations, we will inform <br />the audit committee of: <br />• Significant accounting policies <br />• Management judgments and accounting estimates <br />• Significant audit adjustments and passed adjustments, if any <br />• Disagreements with management, if any <br />• Management consultation with other accountants, if any <br />• Major issues discussed with management prior to retention <br />• Difficulties encountered in performing the audit, if any <br />City of Santa Ana RFP No. 24-009 Page 41 of 63 <br />
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