sorren.com
Silicon Valley Clean Energy
Audit Committee Kick Off Meeting
September 11, 2026
Item 4
PRESENTATION
Introduction
Kellin Gilbert, CPA
Audit Partner
• 18 years in public accounting,
performing audits of government
entities
• Currently working with several
CCAs throughout California
Alauna Rico
Audit Supervisor
• 5 years in public accounting,
performing audits of governments
(CCAs)
Item 4
PRESENTATION
Audit Timeline
We expect to start the audit for the year ended September 30, 2026 in early December 2026. 1 December 9, 2026
Audit kickoff and trial
balance available*
2 December 2026 -
January 2027
Fieldwork and testing,
about 3–4 weeks once
all support is provided
3 January 6, 2027
Draft financial
statements available*
5 February 3, 2027
or
March 3, 2027
Financial statements
issued*
6 February 10,2027
or
March 10, 2027
Audit report presented
to the Board*
*Pending the commitment to provide requested documentation timely 4 Week of January
25, 2027
Draft financial
statements review with
Audit Committee
and meeting with
Chair/Kellin*
Item 4
PRESENTATION
Relative Roles and Responsibilities
Management
Responsible for preparing the financial statements and establishing a system of internal control.
Auditor
Responsible for auditing the financial statements including:
• Considering risks of material misstatement
• Considering internal controls relevant to the financial statements • Performing tests of year-end balances based on risk assessment • Evaluating adequacy of disclosures
Shared objective
MANAGEMENT
Prepares the financial statements and maintains internal control
FY 2026
Financial
statements
AUDITOR
Independently audits and reports on the statements
Item 4
PRESENTATION
Risk Assessment
Our audit is a risk-based audit. Risk assessment procedures include:
1 Understand the entity
Gain understanding of Silicon Valley Clean Energy’s operating characteristics, practices, and procedures.
2 Benchmark
Compare to our knowledge of similar entities, industry, and professional guidance. 3 Evaluate controls
Review procedures and controls surrounding significant transaction cycles and business processes.
Item 4
PRESENTATION
Significant Audit Areas of Focus
Revenue recognition – accounts receivable
and accrued revenue
• Test a sample of customer billings
• Relate total cash received during the year to revenue • Review revenue recognition through year-end and method for determining accrued revenue
Cash and investments
• Confirmations sent to financial institutions
Accrued cost of electricity
• Review subsequent bills from electricity providers
• Review related cash payments
Financial statement note disclosures
• Verify complete and without bias
Item 4
PRESENTATION
Kellin Gilbert
Partner
[email protected]
(707) 577-1511
sorren.com
Item 4
PRESENTATION