Agenda

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Finance Committee

Meeting Date:	08/09/2022
FROM:	Bill Gallardo

Subject:

Meeting with Eide Bailly LLP Pursuant to Statement on Auditing Standards (SAS) No. 114 Regarding the Fiscal Year 2021-22 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 prior to the start of the City's annual audit 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 audit, will be attending the meeting to discuss the 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 the week of May 9, 2022. Final audit work will begin October 24, 2022. 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: Monica Lo, Deputy Director of Administrative Services
Concurrence: Kristin Griffith, Administrative Services Director

Attachments
Audit Communication Letter
Eide Bailly Engagement Letter