Laserfiche WebLink
<br /> <br />UNIVERSITY CITYCOUNCIL <br />STUDY SESSION <br />5th floor of City Hall <br />6801 Delmar <br />October 8, 2012 <br /> <br /> <br />th <br />The City Council Study Session was held in the Council Chamber on the 5 floor of City <br />Hall, on October 8, 2012. Mayor Shelley Welsch called the Study Session to order at 5:34 <br />p.m. In addition to the Mayor Welsch, the following members of the Council were present: <br /> <br />Ms. Paulette Carr <br />Mr. Stephen Kraft arrived at 6:00 p.m. <br />Mr. Terry Crow <br />Mr. Michael Glickert <br />Mr. Arthur Sharpe, Jr. <br />Mr. Byron Price arrived at 5:45 p.m. <br /> <br />Also in attendance were City Manager Lehman Walker and James Torti and Karen Lenk <br />from Schowalter & Jabouri, P.C. <br /> <br />Mayor Welsch opened the Study Session asking if there were any changes that needed to <br />be made to the evening’s agenda. City Manager Mr. Walker asked that Resolution 2012 – <br />10 be postponed indefinitely as negotiations were continuing and if necessary it could be <br />resubmitted. Mr. Glickert asked to add the reappointment of Richard Wesenberg to the <br />Historic Preservation Commission. <br /> <br />Mr. Walker turned the meeting over to the Karen Lenk, Senior Manager for Schowalter and <br />Jabouri, P.C. This meeting was held to provide a presentation for the City Council <br />concerning how they would proceed with the audit for the year ended June 30, 2012. Also <br />present with Ms. Lenk was James Torti, Shareholder at Schowalter & Jabouri, P.C. <br /> <br />Ms. Lenk stated professional standards required specific communication to be made with <br />those charged with governance at the beginning and at the end of the audit. <br />The presentation covered: <br /> <br /> Purpose <br /> <br /> Timeline <br /> <br /> Review of the audit process <br /> <br /> Areas of audit emphasis <br /> <br /> Required communications at the conclusion of the audit <br /> <br /> Fraud considerations <br /> <br />PURPOSE <br />The Statement of Auditing Standards (SAS) provides for the auditor’s communication <br />which was to provide their responsibilities, obtain relevant information to the audit, and <br />to provide timely observations arising from the audit. The intent is to provide for an <br />effective two-way communication between the auditors and those charged with <br />governance. The purpose is to present the responsibilities of the auditor which is to <br />express an opinion on the financial statements prepared by management; provide an <br />overview of the plan scope and timing of the audit; obtain information that is relevant to <br />1 <br /> <br /> <br />