city of San Antonio


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File #: 20-6477   
Type: Staff Briefing - Without Ordinance
In control: Early Childhood Education Municipal Development Corporation Board of Directors
On agenda: 11/19/2020
Posting Language: Briefing of the ongoing Pre-K 4 SA Fiscal Year 2020 Financial Audit and related reports [Marc Sewell, CPA, Partner; RSM US LLP]
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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DEPARTMENT: Pre-K 4 SA


DEPARTMENT HEAD: Sarah Baray, Ph.D.


COUNCIL DISTRICTS IMPACTED: Citywide


SUBJECT:

Fiscal Year 2020 Financial Audit Update


SUMMARY:

This item includes a briefing and Board discussion of the ongoing Pre-K 4 SA financial audit engagement by RSM US LLP for the 2020 fiscal year beginning on July 1, 2019 and ending on June 30, 2020.


BACKGROUND INFORMATION:

Pre-K 4 SA is required to engage an independent certified public accounting (CPA) firm to conduct an annual audit of financial records and accounts. As a result, various reports and opinions are prepared in order to communicate the financial position of Pre-K 4 SA. A brief description of each of the reports produced during the annual audit is provided below.

On an annual basis, Pre-K 4 SA publishes an Annual Financial Report, which reports the program's financial position, results of operations, and the liquidity of funds. The Annual Financial Report is presented as part of the City of San Antonio Comprehensive Annual Financial Report (CAFR) and is available to the general public.

Pre-K 4 SA also publishes the Financial and Compliance Reports on Federal Grants "Single Audit Report." Because the program receives financial assistance in the form of a federal grant, Single Audit Reports are required in order to comply with the Single Audit Act Amendments of 1996, and the U.S. Office of Management and Budget Uniform Guidance. The Single Audit Report is submitted to the federal and state agencies from which Pre-K 4 SA received grant funding during the fiscal year.

The letter on Internal Control (Management Letter) is a formal communication by RSM US LLP to the Board of Directors and management that focuses on internal control matters discovered during the course of the audit of financial statements.


ISSUE:
This item includes a briefing and Board discussion of the ongoing Pre-K 4 SA financial audit engagement by RSM US LLP for the 2020 fiscal year beginning on July 1, 2019 and e...

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