Agenda Packet_2024-05-07 - Laserfiche WebLink

Home Browse Search

City of Santa Ana RFP No. 24‐009 Page 35 of 63 ○ Major issues discussed with management prior to retention ○ Difficulties encountered in performing the audit ○ Fraud or illegal acts Once the final reviews of working papers and financial statements are completed, our opinion, the financial statements, and management letter will be issued. The City will be given a draft of any comments we propose to include in the management letter. Items not considered major may be discussed verbally with management instead of in the management letter. Our management letter will include items noted during our analysis of your operations. We will make a formal presentation of the audit results to those charged with governance, if requested. Single audit approach work plan The OMB’s Uniform Guidance (2 CFR Part 200) is effective for federal grants made on or after December 26, 2014. This affects how federal grants are managed and audited and impacts every organization that receives federal assistance. Grant compliance can be a confusing topic and many of our clients rely on their federal funding as a major revenue source, so it is important that they understand what these changes mean to their organization. As a leader in the industry, CLA was out in front of these changes and informed our clients of how to be proactive about these changes and how they could impact their entity. CLA professionals are available to provide guidance and tools tailored to the City’s needs, and to assist in compliance with these rules. The AICPA clarified auditing standard, AU‐C 935 “Compliance Audits,” requires risk‐based concepts to be used in all compliance audits including those performed in accordance with 2 CFR Part 200. Our risk‐based approach incorporates this guidance. We will conduct our single audit in three primary phases, as shown, below: City Council 21 – 95 5/7/2024