Presentation to City of Rialto City CouncilMay 10, 2022
Audit Responsibilities and Process
LSL has been engaged by the City to perform a financial audit and to assist in preparing your annual Audited Financial Statements (ACFR).
Obtain understanding of internal controls and assess risk factors over financial reporting. Perform testing of information based on assessment.
Internal controls are those policies and procedures in place to safeguard the assets of the City and to detect and correct any material errors arising in the accounting system of the City.
Audit Process and Report
Interim Audit
Planning
Inquiry and documentation
Risk assessment
Year-End Audit
Account analysis
Confirmations and Cut-off procedures
Annual Comprehensive Financial Report
Introductory Section (Transmittal Letter)
Financial Section (Audit Report, MD&A, Statements and Footnotes) Statistical Section
Audit Opinion
This audit work was all performed in order to render an “opinion” on the financial statements.
Management is responsible for the information in the statements LSL’s opinion indicates the information is fairly stated in accordance with GAAP and is materially correct An “unmodified opinion” has been issued on your June 30 financial statements.
Internal Control/Compliance Letter and Audit Communication Letter Internal Control/Compliance Letter:
Communicating internal control over financial reporting and compliance related matters identified in an audit Identification of material weaknesses and significant deficiencies in Internal control Compliance and other matters
Audit Communication Letter
Other communication pertaining to the audit including other findings Accounting standard changes
Summary
LSL is engaged to perform a Financial Audit
The Financial Audit resulted in an Audited Financial Statement (ACFR) and an Unmodified Opinion was rendered The Internal Control/Compliance Letter and Audit Communication Letter were issued along with the audited financial statements