HomeMy WebLinkAbout03-26-2008 SpecialJ
CITY OF
B, U R--N FINANCE COMMITTEE
WASHINGTON MARCH 26, 2008
SPECIAL MEETING MINUTES
1. CALL TO ORDER
The meeting was called to order at 3:30 p.m. in the Council Conference
Room at Auburn City Hall, located at 25 West Main Street in Auburn.
Committee Members present were: Chair Nancy Backus and Member Bill
Peloza. Vice Chair Sue Singer was excused. Staff members present
during the meeting were Finance Director Shelley Coleman, Assistant
Finance Director Shawn Hunstock, and Deputy City Clerk Cathy
Richardson. Also present were Washington State Acting Audit Manager
Brian Taylor and Assistant Audit Manager Michael Pursley, and Valley
Regional Fire Authority Administrative Services Manager Mark Horaski.
II. WASHINGTON STATE AUDITOR'S OFFICE ENTRANCE
CONFERENCE AND AUDITOR'S STATEMENT ON AUDITING
STANDARD (SAS) NUMBER 114
Assistant Auditor Michael Pursley distributed the Washington State
Auditor's Office Entrance Conference handout.
Mr. Pursley introduced himself and Acting Audit Manager Brian Taylor.
Mr. Pursley indicated that he will be conducting the City's audit this year.
Mr. Pursley referred to the Entrance Conference handout and reviewed
the following components of the audit process:
* Audit Scope
* Accountability for Public Resources and Compliance with Laws and
Regulations
Financial Statements
* Federal Compliance (Single Audit Act)
* Audit Reports
o Accountability Report
o Financial Statement Reports
o Single Audit Report
* Additional Required Communications
* Reporting Levels
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Finance Committee Special Meeting Minutes March 26. 2008
o Findings
o Management Letters
o Exit Items
Audit Contacts and Other Information
Financial Statements audits will be performed in accordance with
Government Auditing Standards so as to give reasonable assurance
about whether financial statements are free of material misstatements.
Mr. Taylor distributed a handout on Washington State Auditor's Office
Statement on Auditing Standard (SAS) No. 114, The Auditor's
Communication With Those Charged With Governance.
Mr. Taylor reviewed SAS No. 114 which provides for additional State
Auditor's communication requirements. SAS 114 provides additional
guidance on the communication process, including the forms and timing
of communication. Significant audit issues or results are required to be
communicated in writing. Examples include uncorrected misstatements,
material corrected misstatements, significant difficulties encountered
during the audit, and disagreements with management and their
resolution. SAS 114 also requires auditors to communicate via direct
mailing with all members of the governing board or audit committee.
Mr. Pursley stated that audit budget is based on number of hours at
$78.50 per hour plus travel and estimates that Auburn's audit budget will
be approximately $64,875.00.
Mr. Pursley noted that the CAFR audit report will be dated June 30, 2008
and that the Management Representation letter needs to be dated the
same.
III. ADJOURNMENT
There being no further business to come before the Committee, the
meeting adjourned at 4:05 p.m.
APPROVED THE r,11 DAY OF APRIL 2008.
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Nancy la kus, Chair Cathy R hardson, Deputy City Clerk
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