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Audit Committee Review of Audit Reports <br /> <br />Auditing standards require the City's independent auditors to discuss their findings with the <br />City's Audit Committee, which was done on April 5, 2005. Mayor Jennifer Hosterman and <br />Council member Steve Brozosky serve on the Audit Committee. Also on the committee arc <br />the City Manager, the Director of Finance and the Financial Services Manager/Accounting. <br />Findings concerning certain internal control procedures or operations as of December 2004 <br />were presented in a report titled "Recommendations to Management" (attached). The <br />committee discussed the auditors' comments with them and there were no concerns of <br />significance. Staff has made progress in each area of the auditor recommendations and will <br />continue to improve our controls, policies and procedures. <br /> <br />Audit Contract <br /> <br /> Council approved a five-year contract with Caporicci & Larson, Certified Public Accountants <br /> on February 18, 2003 for annual audit services. These reports are from the second year of <br /> that contract. <br /> <br /> FISCAL IMPACT <br /> <br /> There is no direct fiscal impact in accepting the 2003-2004 audited reports. Funds are <br /> provided in the General Fund budget for the required annual audits. <br /> <br /> Respectfully Submitted, <br /> <br /> Susan Rossi Nelson Fialho <br /> Director of Finance City Manager <br /> <br /> Attachment <br /> <br /> SR:05:104 <br /> <br /> <br />