HomeMy WebLinkAbout9 Draft Audit Reports Agenda Item # 9
Public
ACTION
To: Board of Directors
From: Mary Chapman
Date: May 07, 2008
Subject: Review of the Draft Audit Reports for 2007
1. WHY THIS MATTER IS BEFORE THE BOARD Board is
The District is required to have its financial records audited each year. The t
res onsible for hiring auditors. The auditors present their findings directly
o the
P
Board.
2. HISTORY
Thi
s is the third year Virchow Krause & Company LLP accounting firm has performed
the District audit.
3. NEW INFORMATION
The 2007 audit is now complete and ready to be presented to the Board of audit
Directors. Tom Unke will be at the Board meeting to go over the results of the
which includes drafts of the consolidated Financial Statement and the Primary
Government Only Financial Statement for the year ended December 31, 2007. Mr.
Unke will also present the management letter which includes their recommendations.
Attached are copies of the draft audit statements, the management letter and the
audit representation letter that is signed by the General Manager and myself.
4. FISCAL IMPACT
This is a report on the financial activity for 2007. There is no fiscal impact.
5. RECOMMENDATION
Adopt the draft Audit Reports for 2007.
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Mary Chapman-, Administrative Services Michael D. Holley, General Manager
Manager