City of Murrieta
AUDIT PRESENTATION
FOR THE YEAR ENDED JUNE 30, 2023
BRIANNA SCHULTZ, CPA, CGMA
ENGAGEMENT PARTNER
APRIL 2, 2024
Received After Agenda Printed
04/02/2024 - Regular Meeting
Item 16 - Staff Presentation
City of Murrieta
Audit objective
◦ Express an opinion on management’s financial
statements
◦ After gathering and evaluating sufficient, appropriate audit evidence, provide:
◦ Reasonable assurance the financial statements are free of material misstatement
◦ An opinion as to whether the financial statements are fairly presented, in all material respects, in accordance with Generally Accepted Accounting Principles
City of Murrieta
Audit standards followed:
◦ Generally Accepted Auditing Standards (GAAS)
◦ Generally Accepted Government Auditing Standards (GAGAS) City of Murrieta
Audit Process
◦ Interim audit procedures
◦ Obtain an understanding of policies and procedures
◦ Review current internal control systems for various transaction cycles ◦ Test controls various cycles
◦ Year-end audit procedures
◦ Inspect relevant documentation provided and compiled by Finance ◦ Inquire about transactions and events, substantiating details ◦ Confirm balances and transactions with third parties
◦ Perform analytical procedures
◦ Financial statement preparation and review
City of Murrieta
Responsibilities
◦ Management:
◦ Financial statements
◦ Complete accurate financial records
◦ Comprehensive framework of internal control, including controls to prevent and detect fraud
◦ Governing body:
◦ Fiduciary
◦ Ensure management fulfills obligations for internal control and financial reporting
City of Murrieta
◦ Auditor responsibilities:
◦ Obtain reasonable assurance that the financial statements are free of material misstatement
◦ Examine, on a test basis, evidence supporting amounts and disclosures
◦ Assess accounting principles used, estimates made and evaluate the overall financial statement presentation.
◦ Express an opinion on the City’s financial statements City of Murrieta
Final opinion over financial statements:
◦ Unmodified
◦ Financial statements are fairly presented in all material respects ◦ Significant accounting policies have been consistently applied ◦ Estimates are reasonable
◦ Disclosures are properly reflected
◦ No significant deficiencies or material weaknesses (findings) were identified
City of Murrieta
Single Audit:
◦ Unmodified opinion over ARPA program
◦ No significant deficiencies or material weaknesses (findings) were identified
◦ No instances of noncompliance were identified