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Rok <br />femFIN <br />CITY COUNCIL MEETING DATE. <br />NOVEMBER 17, 2015 <br />TITLE: <br />STATEMENT OF AUDITING STANDARDS <br />PLANNING LETTER FOR THE <br />YEAR -ENDED JUNE 30, 2015 <br />(STRATEGIC PLAN NO. 4, 1) <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 19'Reading <br />❑ Ordinance on 2n'Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Receive and file the Statement of Auditing Standards correspondence for fiscal -year ended June <br />30, 2015. <br />DISCUSSION <br />The City, since April 2012, has engaged the Independent Audit firm of Macias Gini & O'Connell, <br />LLP (MGO) to conduct various engagements including but not limited to an audit of the City's <br />financial statements and assistance in preparing the Comprehensive Annual Financial Report <br />(CAFR). A routine component of the audit engagement is for MGO to draft a correspondence to <br />the Mayor and City Council known as the Statement of Auditing Standards (SAS) planning. <br />The SAS correspondence highlights valuable information regarding the audit process including <br />but not limited to the following: planning, scope and timing of the audit; the auditor consideration <br />of the City's existing internal control when developing the audit procedures related to the said <br />audit. <br />Additionally, the auditor describes timeline for the audit and its expected date of completion. The <br />audit of the City's financial statements for the fiscal year -ended June 30, 2015, commenced on <br />June 15, 2015 and is expected to be completed by no later than December 31, 2015. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item allows the City's to meet Goal #4 City Financial Stability, Objective #1 <br />(maintain a stable, efficient and transparent financial environment). <br />19F -1 <br />