SCMTD February 2004 Board of Directors Agendas - Santa Cruz ...

Santa Cruz Metropolitan Transit District
At the end of our field work, we will have an exit conference with the finance director and
department heads of key offices or programs. The purpose of this meeting will be to summarize
the results of our field work and to review significant findings. As part of this conference, we
will review significant audit adjustments and items needed to complete the audit, if any exist. We
will also review significant commitments and contingencies discovered during our audit and the
need for disclosure. This conference will occur at the end of field work.
Final Review
The review process is constant throughout the engagement. Each working paper prepared by a
staff assistant is reviewed by the engagement senior. The engagement partner then reviews all
working papers and all financial statements and reports to be issued. These financial statements
and reports are then reviewed by a governmental audit partner not directly involved in the
engagement for concurrence of opinion prior to release of these statements and reports to the
District.
Completion of the Audit
The objective of our audit plan is to express our opinion on the fair presentation of the District’s
financial statements, to report on the District’s compliance with applicable laws and regulations,
to report on the District’s internal control structure, and to issue a management letter.
The following events will transpire between the conclusion of field work and delivery of the
audited financial statements:
1. We will provide draft financial statements and supplementary schedules to the District no
later than two weeks after final field work.
2. We will be available for any meetings that may be necessary to discuss the audit reports.
3. We will be available for a meeting with the Budget and Finance Committee.
4. The District will approve the draft no later than two weeks after receipt of the draft.
5. The final report will be issued in accordance with the approved Calendar of Activities.
BROWN ARMSTRONG
ACCOUNTANCY CORPORATION 12
Providing Accounting and Auditing Service
for more than 29 yea]