PowerPoint Presentation
Extracted text (via pymupdf)
3697 characters
©2021 CliftonLarsonAllen LLP WEALTH ADVISORY | OUTSOURCING AUDIT, TAX, AND CONSULTING Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor 1 City of Glendale, Arizona Audit for the Fiscal Year Ended June 30, 2023 Jean Marie Dietrich, CPA Signing Director May 28, 2024 ©2021 CliftonLarsonAllen LLP What is an Audit? Examine and verify management’s assertion, provide an opinion Includes findings & recommendations Auditors evaluate risk Auditors work for and should communicate results to the governing board (City Council) ©2021 CliftonLarsonAllen LLP The Reporting Package 1. Communication to Governance 2. Annual Comprehensive Financial Report (ACFR) – Includes audit opinion 3. Single Audit Report (including the Government Auditing Standards Report and the Report on Major Federal Programs and the Schedule of Federal Expenditures) 4. Highway User Revenue Report 5. Annual Expenditure Limitation Report 6. HUD Real Estate Assessment Report 7. Landfill Assurance Agreed Upon Procedures ©2021 CliftonLarsonAllen LLP Governance Communication Overview of audit • Accounting policies • Accounting estimates • Uncorrected misstatements o None noted ©2021 CliftonLarsonAllen LLP Annual Comprehensive Financial Report (ACFR) Components of the ACFR • Basic financial statement (audit opinion) • Combining and individual fund financial statements and schedules (“in-relation-to” opinion) • Financial data submission schedules (“in-relation-to” opinion) • Required supplementary information, statistics section, and introductory section (Disclaimer) We rendered an Unmodified (“Clean”) Opinion on the Financial Statements ©2021 CliftonLarsonAllen LLP Government Auditing Standards Uniform Guidance Major Programs Tested • 1 material weakness in internal control over financial reporting • No significant deficiencies in internal control • Unmodified (“clean” opinion) • No matters of noncompliance • No material weaknesses or significant deficiencies in internal controls over compliance • Federal Transit – Formula Grants– Assistance Listing No. 20.507 o Total Federal Expenditures: $1,995,391 • COVID-19 Emergency Rental Assistance– Assistance Listing No. 21.023 o Total Federal Expenditures: $8,252,584 • COVID-19 Coronavirus State and Local Fiscal Recovery– Assistance Listing No. 21.027 o Total Federal Expenditures: $7,779,456 Single Audit Results at a Glance ©2021 CliftonLarsonAllen LLP Highway User Revenue Fund Compliance • Examination report to determine compliance as to whether expenditures from Highway User Revenue Fund monies were spent pursuant to Arizona Revised Statutes Title 28, Chapter 18, Article 2. • Audit approach o Selected a sample of accounts payable disbursements, payroll disbursements, and transfers to determine compliance with A.R.S. • Findings o None noted ©2021 CliftonLarsonAllen LLP Annual Expenditure Limitation Report • Voter Approved Alternative Expenditure Limitation: $671,003,000 • Amount Subject to Limitation: $433,874,000 • City was well within expenditure limitation, presented in accordance with the Uniform Expenditure Reporting System ©2021 CliftonLarsonAllen LLP Agreed Upon Procedures • Test specific attributes outlined in the agreed upon procedures o Landfill Assurance o HUD REAC Assessment • Issued a clean opinion, no findings ©2021 CliftonLarsonAllen LLP WEALTH ADVISORY | OUTSOURCING AUDIT, TAX, AND CONSULTING Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor 10 Thank You! Jean Marie Dietrich, CPA Signing Director Jean.Dietrich@claconnect.com