Information: Fiscal Year 2020 Audit Engagement Sample Clauses

Information: Fiscal Year 2020 Audit Engagement. Mr. Xxxxxxx began with an introduction to the Fiscal Year 2020 audit engagement. Xx. Xxxxx announced the planning portion of the audit for the QSA JPA for Fiscal Year ending June 30, 2020 had begun. An audit engagement letter was provided to management which detailed out the scope of audit, the auditor’s responsibilities, and management’s responsibilities. There was a small increase in fees from prior years. She stated the purpose of the Auditor was to express an opinion on the financial statements and evaluate internal controls. She explained the SAS 114 planning letter was a requirement to have two-way communications with the Commission about fraud and fraud risks. The only modification made was to the results of the unpredictably test that is required. This year, the audit will review contracts related to mitigation projects. This year’s auditing procedures for interim preliminary will begin May 18 with final procedures to be done in August. Updated accounting standard changes related to GASB 84 and GASB 87 do not affect the QSA JPA. Commissioner Xxxxxx asked if future planned work for May-August could be done remotely due to the COVID-19 pandemic. Xx. Xxxxx responded yes. Commissioner Xxxxxx asked if there was a conflict of interest if Xxxxx Xxxx, LLP was also the Water Authority’s Auditor. Mr. Xxxxxxx and Xx. Xxxxx explained it was not. Commissioner Xxxxxxx asked how long Xxxxx Xxxx been the auditing firm. Mr. Xxxxxxx explained that standard practice is to change auditors every five years, and the Water Authority was on its third year with Xxxxx Xxxx, and used a different auditor prior to that. Mr. Xxxxxxx concluded the item with a review of the audit calendar.
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