DEPARTMENT: Pre-K 4 SA
DEPARTMENT HEAD: Kathy Bruck, CEO
SUBJECT:
FY 2015 Audit Process Overview
SUMMARY:
Briefing and Board discussion of the Pre-K 4 SA financial audit engagement that will be managed by Padgett, Stratemann & Co. for the 2015 fiscal year beginning on July 1, 2014 and ending June 30, 2015 [Santos Fraga Jr. CPA, Partner; Marc Sewell, CPA, Senior Manager, Padgett Stratemann & Co.]
BACKGROUND INFORMATION:
As mandated by the bylaws of the San Antonio Early Childhood Education Municipal Development Corporation, the Board is required to submit audited financial statements to City Council for the preceding fiscal year. This briefing and discussion will allow the Corporation's external auditor Padgett, Stratemann & Co. the opportunity to present required communication to the Board and a brief overview of the audit process.
ISSUE:
The required communication to the Board will include:
· Communication between Padgett, Stratemann & Co.
· Overview of independence
· Engagement objectives
· The audit planning process
· Concept of materiality
· Audit approach
· Internal control
· Anticipated timing of the audit