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Presentation to the Pasadena Audit Committee March 13, 2017

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Presentation on theme: "Presentation to the Pasadena Audit Committee March 13, 2017"— Presentation transcript:

1 Presentation to the Pasadena Audit Committee March 13, 2017

2 Audit Responsibilities and Process
LSL has been engaged by the City to perform an expanded scope financial audit and to assist in preparing your annual Audited Financial Statements (CAFR). Audited all funds of the City Audited the City’s Component Units Rendered an opinion as of June 30, 2016 2

3 Audit Process and Report
Interim Audit (June) Planning Inquiry and documentation Internal controls GASB 68 Test work Year-End Audit (November – January 2017) Account analysis Confirmations and Cut-off procedures GASB 68 Test work and Reporting Comprehensive Annual Financial Report Introductory Section (Transmittal Letter) Financial Section (Audit Report, MD&A, Statements and Footnotes) Statistical Section 3

4 Audit Opinion This audit work was all performed in order to render an “opinion” on the financial statements. Management is responsible for the information in the statements LSL’s opinion indicates the information is fairly stated in accordance with GAAP and is materially correct An “unmodified opinion” has been issued on your June 30 financial statements. 4

5 Internal Control Letter
Statement on Auditing Standards (SAS) No.115: Communicating internal control related matters identified in an audit Material Weaknesses One Material Weaknesses Financial Statement Close Process 5

6 Internal Control Letter
Statement on Auditing Standards (SAS) No.115: Communicating internal control related matters identified in an audit Significant Deficiencies Two Significant Deficiencies which related to: Reconciliation of Grants Long Term Debt 6

7 Audit Communication Letter
Accounting Estimates Management Letter Representations New standards GASB 72 Fair Value Measurement adopted in current year GASB 75 OPEB will be adopted in FY 2018 Statement of Auditing Standards 130 7

8 Summary LSL was engaged to perform an expanded scope Financial Audit
The Financial Audit results in annual Audited Financial Statements (CAFR) and an Unmodified Opinion was rendered The SAS 115 and Audit Communication Letter were issued along with the audited financial statements 8

9 Questions? Richard Kikuchi, Engagement Partner
Lance, Soll, & Lunghard LLP (714) 9

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