Agenda

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Finance Committee

Meeting Date:	07/13/2021
FROM:	Bill Gallardo

Subject:

Meeting with Eide Bailly LLP Pursuant to Statement on Auditing Standards (SAS) No. 114 Regarding the Fiscal Year 2020-21 Annual Audit

RECOMMENDATION

Receive and file.

BACKGROUND/DISCUSSION

Pursuant to Resolution 2016-044, the two City Council members assigned to the Brea Finance Committee shall perform certain Audit Committee duties. These duties include a meeting with the City's independent auditor before the City's annual audit begins in accordance with the Statement of Auditing Standards (SAS) No. 114 to discuss the level and focus of the City's annual audit.

Brea's independent auditor firm, Eide Bailly LLP, has provided the attached Planning Letter to the City Council regarding the City's annual audit. James Ramsey, CPA, one of the engagement partners for this annual audit, will be attending the meeting remotely via Zoom to discuss the City's upcoming annual audit with the two City Council members assigned to the Finance Committee. It is noted that the interim audit work for the City was conducted from June 7 - 11, 2021. Final audit work will begin November 8, 2021. In addition, the Engagement Letter addressed to City management has been attached for reference.

SUMMARY/FISCAL IMPACT

There is no fiscal impact related to this annual meeting.

RESPECTFULLY SUBMITTED

William Gallardo, City Manager
Prepared by: Faith Madrazo, Financial Services Manager - Revenue
Concurrence: Cindy Russell, Administrative Services Director

Attachments
Planning Letter
Engagement Letter