2014-07-14 Study Audit firms - Laserfiche WebLink

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Mr. Tori said the plan is developed each year depending what may have occurred within the environment over the year. He noted they make this assessment at the beginning of the audit. Ms. Carr asked if a councilmember identified a question or problem, was there a mechanism that would allow them to ask a question and follow-up on it. Mr. Tori noted that they meet before the audit to discuss the audit plan and timing of the engagement. At this time they ask for any questions that Council may have. Mr. Tori stated they also have a similar meeting at the end of the audit to present the audit results. He noted they also provide their contact information at their first meeting with Council. Mayor Welsch asked for the highlights of their three-year engagement with University City. Mr. Tori talked about identification of other matters not identified by the prior firm and asked if he could go into some detail on that. Mr. Tori listed:  In the first year they identified material weakness and material deficiencies in internal control. Bank reconciliation processes  Internal control over financial reporting  Deficiencies in degradation of duties over the accounts receivables.  Deficiency in the assessment of allowance of doubtful accounts  Lack of documentation of internal controls  Lack of a risk assessment   Segregation of duties over payroll  Lack of control over computer processes  Accounting system that was being implemented and some improvement that could be made in the documentation and training of individuals  Inter-fund balances accounts as an area of improvement  Federal awards cash management  Library deposits not timely and whether the Library fund should be included with City financials or be separate  Certain actual expenditures exceeded the budget  Suggested use of a check list for the closing process each month  Suggested the City establish a fund balance policy Mr. Walker introduced the next audit firm of RubinBrown. Mr. Ted Williamson, a partner in the public sector group, which focuses on audits of governments of the state, county and city level. Ms. Renita Duncan is the manager in the public sector service group. Mr. Williamson gave his firm’s profile noting they do have a dedicated public services group that spends most or all of its time working on governmental audits. He provided RubinBrown’s expertise which allows them to implement all new accounting standards. Ms. Renita Duncan, Manager provided information on added values RubinBrown provides.  Additional communications through ViewPoints report at end of audit  Benchmarking information provided through Public Sector statistical survey  Updates on industry issues via their Horizons magazine and e-focus newsletters.  Education opportunities at their periodic seminars and conferences. 2