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HomeMy WebLinkAbout96.Item 6 PPP 11-14-18 Admin Committee Meeting - CAFR AuditorNovember 14, 2018 Agenda •Introductions •Our Audit Responsibilities •Deliverables •Required Communications to the Administration Committee •Questions? 1 Our Responsibilities •Perform an audit of the District’s financial statements as of and for the year ended June 30, 2018. •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). •The audit is performed in accordance with auditing standards generally accepted in the United States of America. •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. 2 Deliverables •Unmodified opinion on the District’s basic financial statements included in the Comprehensive Annual Financial Report –GFOA submission •U.S. Bank debt covenant compliance opinion •Union Bank debt covenant compliance opinion •Southern California Edison tangible net worth calculation agreed- upon procedures report •GANN Limit Calculation agreed-upon procedures report •Communications to the Administration Committee including summary of audit results for the District 3 Auditor’s Communication with the Administration Committee •Auditor’s responsibility under professional standards. •Accounting practices –adoption of or changes in accounting policies, alternative treatments –GASB Statement No. 75, Accounting & Financial Reporting for Postemployment Benefits Other Than Pensions and GASB Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period. •There were no auditor or management proposed adjustments or reclassifications made to the financial statements. •There were no uncorrected misstatements related to current year. •There were no difficulties encountered in performing our audit. •There were no disagreements with management. •Management representations were provided to us. •There were no consultations with other accountants. •There were no major issues encountered during the fiscal year that were a condition to our retention as auditors. •There were no material weaknesses or significant deficiencies noted for FY 17/18. 4 Questions?