DEPARTMENT: Pre-K 4 SA
DEPARTMENT HEAD: Sarah Baray, Ph.D.
COUNCIL DISTRICTS IMPACTED: Citywide
SUBJECT:
FY 2017 Audit Process Overview
SUMMARY:
This item includes a briefing and Board discussion of the Pre-K 4 SA financial audit engagement that will be managed by RSM US LLP for the 2017 fiscal year beginning on July 1, 2016 and ending June 30, 2017.
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, RSM US LLP, 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 the following.
Communication between RSM US LLP
Overview of independence
Engagement objectives
Audit planning process
Concept of materiality
Audit approach
Internal control
Anticipated timing of the audit
ALTERNATIVES:
This item is a briefing for informational purposes only.
FISCAL IMPACT:
This item is a briefing for informational purposes only.
RECOMMENDATION:
This item is a briefing for informational purposes only.