HomeMy WebLinkAbout14 Power Point Draft Audit 2010
Action Item # 14 June 1, 2011 Reports for 2010Consideration of the Draft Audit
Audit Report for 2010 and 2009 2 through 2010Baker/Tilly to perform the District's annual audits for 2008 In August 2008, the Board extended the contract with •Background / History
New Information Audit Report for 2010 and 2009 3 which includes their recommendationspresent the results of the audit and the management letter Jodi Dobson, CPA, Senior Manager of Baker
Tilly will •to the Board of Directors The 2010 audit is now complete and ready to be presented •
Audit Report for 2010 and 2009 4 Any questions or concerns you have•Required communications•Management recommendations•New accounting and audit standards•Overview of the financial statements•Overview
of the audit process•The Topics Covered Today
Audit Report for 2010 and 2009 5 financial statements are free from material misstatementAudit objective is to provide reasonable assurance that •conformity with US accounting principlesThe
results of its operations and its cash flows ended in •Utility District as of December 31, 2010respects, the financial position of Truckee Donner Public The financial statements present
fairly, in all material •Auditing StandardsAudit performed in accordance with Generally Accepted •Audit Overview
Audit Report for 2010 and 2009 6 Primary Government and Community Facility Districts (CFD’s)–operationsStatement issued to allow readers to analyze the District’s core •Primary Government
Only (Electric and Water Utilities)–during last year’s audit presentationTwo separate audit reports have been issued as discussed •Financial Statements
Audit Report for 2010 and 2009 7 through CalPERS in 2008.standard will not effect the District as began funding OPEBs employer plans and is effective for 2011. This –agent multiple This
standard addresses OPEB measurements by –GASB 57 •District may have reporting requirements for 2011.reporting for derivative instruments and is effective for 2010. The This standard
will impact the accounting and financial –GASB 53 •and reporting of intangible assets and was implemented in 2010.This standard provides guidance for the accounting –GASB 51 •New Accounting
Standards for 2010
Audit Report for 2010 and 2009 8 standards and their impact on the District.Commend management for proactive review of new •Management recommendations
Audit Report for 2010 and 2009 9 None –Difficulties Encountered During Audit ••Consultations with Other Independent Accountants•None–Disagreements with Management •No entries–Audit Adjustments
•Accounting Estimates•New Standards•StandardsOur responsibility under U.S. Generally Accepted Auditing •Required communications
Fiscal Impact Audit Report for 2010 and 2009 10 No direct fiscal impact•
Recommendation Audit Report for 2010 and 2009 11 2009Accept the draft Audited Financial Reports for 2010 and •