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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 j t Agenda A new of professional T�meArmi�ai. servicess firm firm I . Introductions II . Our Audit Responsibilities III . Deliverables IV. Required Communications to the Administration Committee V. Questions? 1 1 i I i 1 i 1 i 1 E 1 i i i 1 1 1 I 1 I I i I 1 I I Our Responsibilities sapl esf,mal T<PE zYPrpl 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. z Deliverables 1P99 °f°r°e;firal T`(OE A,Hpi�� services firm 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 3 1 1 1 1 1 1 1 1 I 1 1 1 I I 1 professional withWs¢ lc¢s �m A 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. 4 Questions .?