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<br />The Great Rivers Greenway presentation and questions were completed by 6:05 p.m. Then <br />Schowalter & Jobouri, P.C. reprsentatives, James Torti and Karen Lenk began their <br />presentation on the audit planned for the year ended June 30, 2011. They provided a <br />timeline; a review of the audit process; and the areas of their emphasis. In addition they will <br />look into areas where fraud could occur. <br /> <br />Schowalter & Jabouri will begin their field work October 24, 2011. The anticipated areas of <br />their audit emphasis are: <br /> <br /> Cash and investments <br /> <br /> Revenue/Receipts and Receivables <br /> <br /> Expenditures/Disbursements and Accounts Payable/Accruals <br /> <br /> Payroll <br /> <br /> Capital Assets <br /> <br /> Debt <br /> <br /> Federal programs and State compliance <br /> <br /> Accounting policies, judgments and estimates <br /> <br /> State Auditor’s Report findings <br /> <br />They said the required communications they will have with Council and staff would <br />encompass: <br /> <br /> Significant accounting policies <br /> <br /> Management judgments and accounting estimates <br /> <br /> Significant audit adjustments <br /> <br /> Difficulties encountered in performing the audit <br /> <br /> Disagreements with management <br /> <br /> Management consultations with other accountants <br /> <br /> All other information found in the audited financial statements <br /> <br /> <br />Meeting adjourned at 6:24 p.m. <br /> <br />Joyce Pumm, MRCC <br />City Clerk <br /> <br />2 <br /> <br />