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REVISIT RECOMMENDATIONS FOR AUDIT OF FINANCIAL STATEMENTS OF MEASURE A FUNDS
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On October 3, 2022, the Measure A Committee approved Motion 2022-10-03-0405:
“Recommending City Council immediately adopt a Resolution that the City arrange for an independent auditor who is not affiliated with anyone on the Measure A committee to conduct an audit of the financial statements of Measure A funds, with the financial statements prepared under GAAP (Generally Accepted Accounting Principles), and the audit be conducted under GAAS (Generally Accepted Auditing Standards), and GAS (Government Auditing Standards).
1. That the independent auditor be one other than the current City Auditor or CAFR auditor.
2. That the Measure A committee serve along the Council Audit Committee as the committee charged with governance.”
The City Council considered this recommendation on December 6, 2022, and approved Motion 2022-12-06-1503 - Accepting staff’s recommendation to continue to work with the Committee members to identify what additional information would address the concerns of the Committee, as appropriate.
Attachment A is the staff report and Attachment B is the presentation from the City Council meeting on December 6, 2022. The full agenda item including attachments as well as video of the discussion is available online at: <http://www.stocktonca.gov/government/oMeetings/councilMeetings.html>
Recognizing the need to provide additional information to the Measure A Committee, the Council Audit Committee modified the FY 2021-22 Internal Audit Plan on March 23, 2023 to include a performance audit of Measure A. The scope of work is described in Attachment C and will include entrance and exit presentations with the Committee. A kick-off meeting was held to begin the performance audit on April 24, 2023. The City’s internal audit firm, Moss Adams, LLP, will be at the May 15th Committee meeting to discuss this performance audit.
Please note that this agenda item was on the May 15, 2023 meeting agenda and was not discussed due to time constraints.
Attachment A - December 6, 2022 Agenda Item 15.3 Staff Report
Attachment B - December 6, 2022 Agenda Item 15.3 Presentation
Attachment C - February 2, 2023 Moss Adams, LLP Memorandum