HomeMy WebLinkAbout94.Late Communication - Admin. Item 6.pdf November 9 , 2016
Administration
Committee
_ L Orange County Sanitation
District
h - ,ENIEDBY
` Peter S. George, CPA
Client Service Partner
T: (949) 296-4303
E: pgeorge@mgocpa.com
4675 MacArthur Court, Suite 600
Newport Beach, CA 92660
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I . Introductions
II . Our Audit Responsibilities
III . Deliverables
IV. Required Communications to the
Administration Committee
V. Questions?
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Our Responsibilities sapl esf,mal
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I. Perform an audit of the District's financial statements as of and for
the year ended June 30, 2016.
II. The objective of an audit of financial statements is to express an
opinion that the financial statements are in accordance with
Accounting Principles Generally Accepted in the United States of
America (GAAP).
III. The audit is performed in accordance with auditing standards
generally accepted in the United States of America.
IV. Those standards require that we plan and perform the audit to
obtain reasonable, rather than absolute, assurance about whether
the District's financial statements are free of material misstatement
whether caused by fraud or error.
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Deliverables 1P99 °f°r°e;firal
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I. Unmodified opinion on the District's basic financial statements
included in the Comprehensive Annual Financial Report - GFOA
submission
II. U.S. Bank covenant compliance opinion
III. Union Bank covenant compliance opinion
IV. Southern California Edison tangible net worth calculation agreed-
upon procedures report
V. GANN Limit Calculation agreed-upon procedures report
VI. Communications to the Administration Committee including
summary of audit results for the District
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professional withWs¢ lc¢s �m
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the Administration Committee
I. Auditor's responsibility under professional standards.
II. Accounting practices - adoption of or changes in accounting policies,
alternative treatments - two new significant accounting
pronouncements (GASB No. 72 & No. 73).
III. There were no auditor or management proposed adjustments or
reclassifications made to the financial statements.
IV. There were no uncorrected misstatements related to current year.
V. There were no difficulties encountered in performing our audit.
VI. There were no disagreements with management.
VII. Management representations were provided to us.
VIII. There were no consultations with other accountants.
IX. There were no major issues encountered during the fiscal year that
were a condition to our retention as auditors.
X. There were no material weaknesses or significant deficiencies noted for
FY 15/16.
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Questions .?