Silicon Valley Clean Energy Authority
Audit Committee Kick-Off Meeting
September 26, 2024
Item 2
PRESENTATION
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Introduction
• Kellin Gilbert, CPA
• Audit Partner
• 17 years in public accounting and performing audits of government entities • Currently working with several CCA’s throughout California • Aliandra Schaffer
• Engagement Supervisor
• 5 years in public accounting and performing audits of governments (CCA’s) Item 2
PRESENTATION
Anindependently owned member
RSM US Alliance
RSM PISENTI & BRINKER llp
Timeline for the audit of the years ended
September 30, 2024 and 2023
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• We expect to start the audit in mid November 2024
• Initial fieldwork and testing to last about 3-4 weeks once all support is provided.
• Financial statement draft to be available in early January* • Issuance of financial statements by January 31, 2024* • Would like to coordinate timing so that the Audit Committee can review the draft and meet with us prior to issuance.
• Will meet with the Audit Committee Chair to facilitate questions as requested • *Pending approval of Management and Mike Maher and the commitment to provide requested documentation timely
Item 2
PRESENTATION
Anindependently owned member
RSM US Alliance
RSM PISENTI & BRINKER llp
Audit of the years ended
September 30, 2024 and 2023
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Relative Roles & Responsibilities
• Management is responsible for preparing the Financial Statements and establishing a system of internal controls
• Auditor is responsible for auditing the Financial Statements • Considering risks of material misstatements in the Financial Statements • Considering internal controls relevant to the Financial Statements • Performing tests of year-end balances based on risk assessment • Evaluating adequacy of disclosures
Item 2
PRESENTATION
Anindependently owned member
RSM US Alliance
RSM PISENTI & BRINKER llp
Communication to Those Charged with
Governance
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SAS 114 Pre-Audit Communication
• Letter communicating planned timing, significant risk identified and our planned audit response, and other general audit requirements
• Will be sent directly to Audit Committee
• Anticipated to be sent in early October
Item 2
PRESENTATION
Anindependently owned member
RSM US Alliance
RSM PISENTI & BRINKER llp
Risk Assessment for the years ended September
30, 2024 and 2023
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Our audit is a risk-based audit. Planned risk assessment procedures include:
• Refresh our understanding of the entity’s operating characteristics, practices, and procedures
• Review procedures and controls surrounding significant cycles and business processes
Item 2
PRESENTATION
Anindependently owned member
RSM US Alliance
RSM PISENTI & BRINKER llp
Certified Public Accountants & Advisors
Planned Audit Procedures
Significant areas of focus
• Review policies and procedures for various types of financial transactions • Revenue Recognition
• Accounts receivable and revenue
• Test a sample of customer billings
• Relate total cash received during the year to revenue • Look at cash received subsequent to year-end and relate to A/R. • Review revenue recognition through year-end and the method for determining (accrued revenue)
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Item 2
PRESENTATION
Anindependently owned member
RSM US Alliance
RSM PISENTI & BRINKER llp
Certified Public Accountants & Advisors
Planned Audit Procedures (continued)
Significant areas of focus
• Cash- Confirmations sent to financial institutions
• Accrued Cost of Electricity- Review of subsequent bills from electricity providers and cash payments
• Allowance for Doubtful Accounts- Review of management estimate by recalculation
• Other Liabilities - Review contracts and other support to determine completeness of amounts recorded
• Financial Statement Note Disclosures- Complete and without bias Image result for rsm alliance Item 2
PRESENTATION
Anindependently owned member
RSM US Alliance
RSM PISENTI & BRINKER llp
Certified Public Accountants & Advisors
Kellin Gilbert: 707-577-1511
Aliandra Schaffer: 707-577-1535
Questions?
Item 2
PRESENTATION
PISENTI & BRINKER up
Certified Public Accountants & Advisors