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2007_0319_Packet
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2007_0319_Packet
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1/10/2012 12:38:43 PM
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8/26/2009 3:20:40 PM
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Roseville City Council
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Council Agenda/Packets
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�� <br />�� <br />�� <br />��i <br />4� <br />4� <br />4� <br />5� <br />5] <br />5? <br />�� <br />5� <br />5� <br />�� <br />�? <br />With these changes, it could be demonstrated that the there is a public benefit for having the <br />comprehensive City update and training event. The meal and recognition items could be <br />scheduled to be a part of this event. Based on conversations with the City Auditor, if the City <br />implemented these changes it would no longer receive an audit finding for employee recognition <br />events. <br />Audit Committee Considerations <br />As noted above, some members of the Council have inquired about the value of creating an audit <br />committee, specifically to address any audit findings and to ensure that there is direct access <br />between the City Council and the City Auditor. Typically, a government audit committee <br />consists of a subset of the Council and would include individuals that posses an understanding of <br />governmental financial reporting an auditing. In addition, an audit committee is typically formed <br />in conjunction with established roles and personal responsibility, and should annually report to <br />the full Council on how it has discharged its duties. <br />�� While a formally established Audit Committee could address financial reporting or auditing <br />�9 concerns, Staff is suggesting an alternative approach that would accomplish the same without <br />b� creating additional bureaucracy. <br />6] <br />6? <br />�a <br />6� <br />�� <br />�if� <br />b� <br />6� <br />�� <br />It is suggested that the following changes be made to the City's annual auditing procedures: <br />1� Establish a pre-audit meeting between the Council and City Auditor to discuss any <br />general inquiries or on-going concerns. <br />2� Maintain the current annual audit presentation by the City Auditor before the Council; <br />typically in May of each calendar year (** note ** tk�is is the current practice). <br />3� Establish a post-audit presentation meeting between the Council and Staff to determine <br />whether any operational changes are needed. <br />�� <br />7l With these proposed changes, the Council will have largely performed the same role as they <br />7� would under an Audit Committee. The advantage however, is that the �ull Council remains <br />7� equally informed and engaged in the City's fiscal affairs. Certainly if the Council determines <br />r� that this structure and format is inadequate, further changes could be made in the future. <br />75 <br />7�a <br />�� <br />�$ <br />�� <br />8t� <br />$2 <br />S? <br />R� <br />�� <br />8� <br />�� <br />�� <br />Final Comments <br />It should be noted that many government advisory and oversight agencies such as the <br />Government Finance Officers Association, and the Office of the State Auditor would generally <br />recommend that municipalities create a formal audit committee or its equivalent. However there <br />are practical limitations that should also be considered. <br />As noted above, Audit Committee Members need to possess an understanding of governmental <br />financial reporting and auditing standards. In most cases, this will require some amount of on- <br />going educational and training efforts on the part of committee members. It will also require an <br />additional time commitment. That being said, t'he importance of fiscal oversight cannot be <br />overstated. It is for these reasons that Staff is suggesting the alternative approach detailed above. <br />— � <br />
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