1 / 14

Independent Auditor’s Presentation Audit Results For Fiscal Year Ended June 30, 2017

Independent Auditor’s Presentation Audit Results For Fiscal Year Ended June 30, 2017. Katherine Yuen, CPA Partner. Background. Code of Ordinances 3.20.140 - Oversight, annual audit and public report.

weaverp
Télécharger la présentation

Independent Auditor’s Presentation Audit Results For Fiscal Year Ended June 30, 2017

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Independent Auditor’s PresentationAudit ResultsFor Fiscal Year Ended June 30, 2017 Katherine Yuen, CPA Partner

  2. Background Code of Ordinances 3.20.140 - Oversight, annual audit and public report. “Annually the town council retains an independent auditor to conduct an audit of and provide audited financial statements for all of the town's financial activities.”

  3. Background (Continued) Who We Are? • In businesses since 1979 • In municipal auditing since 1987 • Current auditees: • Municipal entities > 150 • Cities/towns > 50 • Auditees that produce CAFRs > 40 Independent of the Town

  4. Annual Audit What we performed: • Audit of Town’s financial statements • Appropriation Limit calculation AUP • Audit of TDA grants In progress: • Single Audit

  5. Annual Audit (Continued) Conducted according to auditing standards general accepted in the USA and Government Auditing Standards issued by the Comptroller General of the United States of America. Results: • Audits – Unmodified (i.e.. Clean) Opinions • Appropriation Limit calculation AUP – No exception noted

  6. Comprehensive Annual Financial Statements Background: • Basic Financial Statements follow the standard set forth by the Governmental Accounting Standards Board (GASB) • Government Financial Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting Program New major fund – Construction in Progress Fund

  7. Financial Highlights – Entity-wide Net Position $47.6m • Composition: • 86% in net investments in capital assets($41m) • 9% in restricted ($4m) • 5% in unrestricted ($2m)

  8. Financial Highlights – Entity-wide (Continued)

  9. Financial Highlights – Entity-wide (Continued) Net position to liability ratio: 3 to 1 Major liabilities: • Long-term debt $7.9m ($350k decrease from 6/30/16) • Net pension liability $5.2m ($1.4m increase from 6/30/16) No OPEB liability

  10. Financial Highlights – General Fund Fund Balance $7.0m • $310k decrease from 6/30/16 Composition: • Committed $2.6m • Assigned $2.0m • Unassigned $2.4m

  11. Memorandum on Internal Control and Required Communication Definitions: • Control Deficiencies -- Material Weakness vs. Significant Deficiencies • Other Matters

  12. Memorandum on Internal Control and Required Communication (Continued) SD 2017-01 - Service Organizations Monitoring SD 2017-02 - Investment Policy Compliance

  13. Memorandum on Internal Control and Required Communication (Continued) OM 2017-03 - General Fund Budgets and Available Fund Balances OM 2017-04 - Policy on Uncollectible Receivables OM 2017-05 - Cross Training of Cash Receipts Function OM 2017-06 - Recommendation on Best Practice • Documentation of the Budget Policy • Rotation of Check Signers

  14. “We are in the business to help our clients succeed” QUESTIONS?

More Related