From
Becky L. Brooks, CFO
Title
External Audit Update
Presenter
Susan Sanders, Controller
Jennifer Ripka, Partner - Weaver
Recommended Action
Approve
Analysis
In August 2017, Council authorized city management to enter into annual renewal agreements with external audit firm Weaver through FY2021.
Best practice in finance and auditing suggests periodic entrance interviews between an external audit firm and the governing body or its Finance Committee. In the last year for FY19, per F&G request, the auditors did not perform an entrance briefing, and only reported final results upon completion. This agenda item provides the Finance and Government Committee the opportunity to receive any updates regarding the upcoming year-end audit process, including target delivery of reports, new GASB pronouncements being implemented or other matters relevant to the audit.
For the FYE September 2020 to date, Weaver has performed interim field work during the weeks of September 28 to October 9. Final fieldwork is expected to begin December 7, 2020 through January 22, 2021. The final draft report is expected to be presented to F&G on March 2, 2021.
Financial Consideration
The professional audit fees were approved for various funds during the FY20-21 budget adoption process.