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<br />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 28, 2006. Councilmember Jerry Thome and <br />Councilmember Steve Brozosky serve on the Audit Committee. Also on the committee are the <br />City Manager, the Director of Finance and the Financial Services Manager/Accounting. <br />Findings concerning certain internal control procedures or operations as of October 2005 were <br />presented in a report titled "Recommendations to Management" (attached). The committee <br />discussed the auditors' comments with them and there were no concerns of significance. Staff <br />has made progress in each area of the auditor recommendations and will continue to improve <br />our controls, policies and procedures. <br /> <br />Audit Contract <br /> <br />Council approved a five-year contract with Caporicci & Larson, Certified Public Accountants on <br />February 18,2003 for annual audit services. These reports are from the third year of that <br />contract. <br /> <br />FISCAL IMPACT <br /> <br />There is no direct fiscal impact in accepting the 2004-2005 audited reports. Funds are provided <br />in the General Fund budget for the required annual audits. <br /> <br />Respectfully Submitted, <br /> <br /> <br />~zD~~ <br /> <br />David P. Culver <br />Director of Finance <br /> <br />Nelson Fialho <br />City Manager <br /> <br />Attachment <br /> <br />SR:06:125 <br />