TO: Chair and Members of the Audit Advisory Committee
FROM: Trang Nguyen, Finance Director
1. SUBJECT
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Discuss potential changes to the Committee's meeting schedule.
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2. SUMMARY
Following the Committee's first full audit cycle, staff recommends revisiting the current meeting schedule to better align with the City's financial reporting calendar, annual audit process, and the Committee's advisory responsibilities. Staff is seeking the Committee's recommendation before presenting a proposed meeting schedule to the City Council.
3. RECOMMENDED ACTION
recommendation
Discuss the proposed meeting schedule and provide staff with a recommendation for consideration by the City Council.
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4. DISCUSSION AND BACKGROUND
The Committee's regular meeting schedule and location are established by City Council Resolution No. 11536, adopted on April 9, 2024. The resolution provides for regular meetings on the first Thursday of February and October.
Following the Committee's first year of operation, staff evaluated the annual audit process and the Committee's responsibilities under the Municipal Code. While two meetings have been sufficient to conduct the audit entrance and exit conferences, additional meetings would provide the Committee with opportunities to discuss other matters within its advisory role, including financial reporting, internal controls, implementation of audit recommendations, and other items requested by the City Council or City Manager.
To better align with the City's fiscal year, financial reporting cycle, and annual audit process, staff recommends increasing the Committee's regular meetings from two to four meetings per year. The proposed schedule would provide opportunities to review the Committee's annual workplan, participate in the audit entrance conference, receive the audit results and Annual Comprehensive Financial Report (ACFR), and follow up on audit recommendations and other advisory matters.
To maintain consistency, staff rec...
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