However, qualitative effects, as evidenced in a lack of control, poor decisions or a lack of concern for service, will also be significant and need to be considered. expensive inputs or processes, unproductive facilities, time delays. In many cases, the effect of a finding may be quantifiable, e.g. The team needs to identify the cause of the deficiency and assess its potential effect. Discussing the matter with auditee management may be necessary so as to determine whether the problem can be addressed by the auditee or is outside its control. The team needs to determine auditee management's awareness of the issue if management is aware of the problem and already taking corrective action, this needs to be recorded and taken into consideration for reporting purposes. The assessment must be clearly reflected in the wording of the finding, with qualifying words (e.g. The team must assess the degree of confidence in the audit finding, based upon the strength of the evidence. Determining whether the deficiency is an isolated instance or represents a systematic problem may require gathering additional evidence. Where performance does not meet the criteria, further investigation is needed to gain assurance that any resultant audit findings and conclusions are significant, fair and well-founded. Instructions The audit team uses the information gathered to make an objective assessment of actual performance against the audit criteria. impact/effect in terms of economy, efficiency and effectiveness.analysis of the nature, significance, and cause of the problem or the better-than-expected performance (in the interest of having a balanced view) and.a fact includes also cause, materiality, source and extent of evidence The Annual Comprehensive Financial Report & more information can be found on the City’s Transparency Website. Given the size and complexity of our city, this is a major accomplishment and I look forward to zero findings next year,” said City Manager Erik Walsh. I am thankful and proud of the outstanding work of our City employees, including Troy Elliott and the Finance Department team. “This accomplishment speaks to the quality of financial standards of all our departments. Rating Agencies, Investors and Grantor Agencies rely heavily on the report and the opinion of the External Auditors. The ACFR is an important tool in providing an accurate and transparent look into the financial health of the City. The City’s financial records and accounts are reported in the City’s Annual Comprehensive Financial Report (ACFR). The external audit verifies what many of us know to be true, that we have some of the most dedicated, principled, and ethical public servants in the world.” As stewards of public funds, the City of San Antonio holds itself to a higher standard. Five consecutive years with no internal control blemishes is a testament to our core values in action…” said District 9 Councilman John Courage. “As Chair of the Council’s Audit and Accountability Committee, I commend the City of San Antonio’s Budget and Finance department for their work to ensure the integrity of our financial systems. On Tuesday, May 9th, FORVIS briefed the City’s Audit and Accountability Committee, Chaired by Councilman John Courage and reported that they issued an unmodified opinion for Fiscal Year 2022 and did not identify any financial findings. FORVIS was engaged to conduct the independent Audit of the City’s financial records and accounts for Fiscal Year 2022. The City’s charter, in addition to state statute, requires an external audit be performed each fiscal year by an independent certified public accountant. This year’s audit results show the city’s financial team continues to produce high-quality work and keep their eye on the ball.” said Mayor Ron Nirenberg “Five consecutive audits with zero findings are confirmation of the City of San Antonio’s stellar financial reporting performance. Due to these investments, the City has consistently been able to produce high quality results in financial reporting and accounting. These include continuous staff training, ability to retain top financial talent, creation of shared service programs, sound systems, and processes, and enhanced financial reviews. The City has invested in specific improvements over the years with the goal of excellence in our financial reporting. Zero findings means that the City’s financial records are free from material misstatement and provide a true and fair view of the financial statements of the City. SAN ANTONIO (May 11, 2023) –The City of San Antonio has received zero findings on its annual external audit for the fifth year in a row, City Manager Erik Walsh announced at today’s City Council Meeting. City accomplishes goal of zero external audit findings for 5th year
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