SCMTD February 2004 Board of Directors Agendas - Santa Cruz ...
SCMTD February 2004 Board of Directors Agendas - Santa Cruz ... SCMTD February 2004 Board of Directors Agendas - Santa Cruz ...
Santa Cruz Metropolitan Transit District At this point in our plan, we will have a progress conference with the finance director and/or designated personnel to summarize the results of our study and evaluation of internal control. This conference will occur in accordance with the approved Calendar of Activities. Compliance Testing Based on the results of our study and evaluation of the internal control structure, we will then perform compliance tests on the following: • Receipts and revenues; Area • Disbursements and accounts payable; • Payroll and related liabilities; and • Controls over requirements of federal and state grants. Sample Size 25-60 25-60 25-60 60 (per major program) Staff will perform compliance testing with direct supervision by a senior. Any findings will be discussed with management for accuracy and the process of development of recommendations immediately started. Final Audit Plan Based on the results of our study and evaluation of the internal control structure, the results of our compliance testing, and the results of our planning analytical procedures, we prepare our final audit plan. This plan is documented in our audit programs in accordance with generally accepted auditing standards. This plan is then reviewed by the engagement partner for approval. This plan is then discussed with the finance director prior to the commencement of final field work. This conference will occur in accordance with the approved Calendar of Activities. Final Field Work Ln this phase of the examination, we obtain sufficient competent evidential matter to afford a reasonable basis for our opinions and reports. This evidential matter is obtained through the performance of substantive procedures consisting of inspection, observation, inquiry, confirmation, and analytical tests. BROW4 ARMSTRONG ACCOUNTANCY CORPORATION 11 Providing Accounting and Auditing Service for more than 29 yea]
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]
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<strong>Santa</strong> <strong>Cruz</strong> Metropolitan Transit District<br />
At the end <strong>of</strong> our field work, we will have an exit conference with the finance director and<br />
department heads <strong>of</strong> key <strong>of</strong>fices or programs. The purpose <strong>of</strong> this meeting will be to summarize<br />
the results <strong>of</strong> our field work and to review significant findings. As part <strong>of</strong> this conference, we<br />
will review significant audit adjustments and items needed to complete the audit, if any exist. We<br />
will also review significant commitments and contingencies discovered during our audit and the<br />
need for disclosure. This conference will occur at the end <strong>of</strong> field work.<br />
Final Review<br />
The review process is constant throughout the engagement. Each working paper prepared by a<br />
staff assistant is reviewed by the engagement senior. The engagement partner then reviews all<br />
working papers and all financial statements and reports to be issued. These financial statements<br />
and reports are then reviewed by a governmental audit partner not directly involved in the<br />
engagement for concurrence <strong>of</strong> opinion prior to release <strong>of</strong> these statements and reports to the<br />
District.<br />
Completion <strong>of</strong> the Audit<br />
The objective <strong>of</strong> our audit plan is to express our opinion on the fair presentation <strong>of</strong> the District’s<br />
financial statements, to report on the District’s compliance with applicable laws and regulations,<br />
to report on the District’s internal control structure, and to issue a management letter.<br />
The following events will transpire between the conclusion <strong>of</strong> field work and delivery <strong>of</strong> the<br />
audited financial statements:<br />
1. We will provide draft financial statements and supplementary schedules to the District no<br />
later than two weeks after final field work.<br />
2. We will be available for any meetings that may be necessary to discuss the audit reports.<br />
3. We will be available for a meeting with the Budget and Finance Committee.<br />
4. The District will approve the draft no later than two weeks after receipt <strong>of</strong> the draft.<br />
5. The final report will be issued in accordance with the approved Calendar <strong>of</strong> Activities.<br />
BROWN ARMSTRONG<br />
ACCOUNTANCY CORPORATION 12<br />
Providing Accounting and Auditing Service<br />
for more than 29 yea]