HomeMy WebLinkAbout6/3/2009 - STAFF REPORTS - 00 Macias Gini & O ' Connell , LLP
Certified Public Accountants & Management Consultants
o r Fi M:
City of Palm Springs, California
Presentation of Annual Audit
for the Year Ended June 30, 2008
Auditor's Responsibilities
• Audit of the City's basic financial statements including Single
Audit of Federal Awards
■ Audit of the RDA including compliance with State Controller's
guidelines
• Audits are both financial & compliance in nature
■ Audits are conducted in accordance with Government
Auditing Standards
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Conclusions/Findings
• Unqualified opinions on the financial statements
■ No compliance findings
• Internal control matters, no reportable conditions
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Future Pronouncements -
Effective June 30, 2009
■ GASB #45 -Post-employment Benefits Other than
Pensions
■ IGASB #49 -Pollution Remediation
■ IGASB #52 -Investments Held by Endowments
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Future Pronouncements --
Effective 2010 and after
■ GASB #51 - Reporting for Intangible Assets — June 30, 2010
• GASB #53 - Reporting for Derivative Instruments — June 30, 2010
• GASB #54 - Fund Balance Reporting and Governmental Fund
Type - June 30, 2011
■ GASB #55 - Generally Accepted Accounting Principles for Local
Governments - Effective upon issuance
• GASB #56 - Accounting and Financial Reporting Guidance on
Auditing Standards - Effective upon issuance
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Questions
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