Loading...
HomeMy WebLinkAboutItem 3A - PresentationCity of Palm Springs AU -C 260 Communication With Those Charged With Governance For the Year Ended June 30, 2023 March 14, 2024 2 CONTENTS •Scope of Work •Required Communications (AU-C 260) •Audit Results 03/14/2024 3 SCOPE OF WORK 03/14/2024 4 SCOPE OF WORK •City’s Financial Statement Audit •Public Financing Authority Financial Statement Audit •Passenger Facility Charge Program Compliance Audit •Housing Successor Compliance Audit •Measure J Compliance Audit •Agreed-Upon Procedures on Measure D •Agreed-upon Procedures on Appropriation Limit Schedules 03/14/2024 5 Required Communications (AU-C 260) 03/14/2024 6 •Our Responsibilities in Accordance with Professional Standards •Form and express an opinion about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America •Plan and perform the audit to obtain “reasonable” assurance (not “absolute” assurance) about whether the financial statements are free of material misstatements •Consider internal control over financial reporting. Such considerations were solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control •Conclude there are no conditions or events that raise substantial doubt about the City’s ability to continues as a going concern. •Communicate with those charged with governance 03/14/2024 Required Communications (AU-C 260) 7 Required Communications (AU-C 260) 03/14/2024 •Ethics and Independence •Complied with ALL relevant ethical requirements regarding independence •Significant Accounting Policies •The City of Palm Springs disclosed all significant accounting policies in Note 1 to the financial statements. •Implementation of GASB 96 –Subscription Based Information Technology Arrangements •Significant Estimates •Investment Fair Value •Depreciation and amortization on Capital Assets •Net Pension Liability •Net OPEB Liability 8 Required Communications (AU-C 260) 03/14/2024 •Sensitive Disclosures •Note 1 –Summary of Significant Accounting Policies •Note 9 –Claims and Judgments •Note 10 –Defined Benefits Pension Plan •Note 11 –Other Postemployment Benefits (“OPEB”) •Misstatements •There were no uncorrected misstatements reported 9 Required Communications (AU-C 260) 03/14/2024 •Consultation with Other Accountants •Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and other matters. •Significant Difficulties •We encountered no significant difficulties in dealing with management. •Disagreement with Management •We did not have any disagreement with management in terms of accounting treatments nor audit procedures performed. 10 AUDIT RESULTS 03/14/2024 11 Audit Results 03/14/2024 •Financial Statements •Unmodified opinion •Financial Statements are fairly presented in all material respects •Significant accounting policies have been consistently applied •Estimates are reasonable •Disclosures are properly reflected in the financial statements •Compliance Audits •Unmodified opinions •Complied with compliance requirements in all material respects HQ -ORANGE COUNTY 200 E. Sandpointe Avenue Suite 600 Santa Ana, CA 92707 SAN DIEGO 4660 La Jolla Village Drive Suite 100 San Diego, CA 92122 SACRAMENTO 1511 Corporate Way Suite 220 Sacramento, CA 95831 LAS VEGAS 1980 Festival Plaza Drive Suite 300 Las Vegas, NV 89134 PHOENIX 2 N. Central Avenue Suite 1800 Phoenix, AZ 85004 WALNUT CREEK 2121 North California Boulevard Suite 290 Walnut Creek, CA 94596