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?