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BDO tells audit committee ACFR timing depends on grant schedule and trial balances; standalone engagements progressing
Summary
BDO updated the Municipal Audit Committee on Jan. 30 that work on standalone engagements and municipal‑wide areas is progressing but issuance of the annual Comprehensive Financial Report (ACFR) will depend on the timing and completeness of the grant schedule and final trial balances.
BDO told the Anchorage Municipality Municipal Audit Committee on Jan. 30 that work on several standalone financial statement engagements is underway and that the audit team’s ability to issue the annual Comprehensive Financial Report (ACFR) will depend on the timing of the municipality’s grant schedule and final trial balances.
Kelly Mays, a representative of BDO, said the audit firm started with standalone engagements that include Anchorage Water and Wastewater, Solid Waste Services, the Port of Alaska and Civic Ventures, and that it has completed the majority of test work for Anchorage Water and Wastewater. Mays said BDO has substantially completed municipal‑wide test work on cash, investments and pensions and has been focused recently on capital assets and lease testing.
“Grant test work is quite intensive for the volume of grants that you have,” Mays told the committee, noting that the grant schedule and reconciliations are a critical path item. BDO said its federal and state single audits will follow completion of financial statement work and that delays in the grant schedule or trial balances could affect the ACFR issuance timeline. The committee was previously expecting planning for an April issuance; BDO said a clearer issuance date depends on when the controller’s office provides the final trial balances and grant schedule reconciliations.
BDO said it has started test work on solid waste services and will begin Port of Alaska test work and a draft report once final port trial balances are obtained. The firm confirmed several specialized teams are working in parallel on different components of the municipality’s audits.
Controller Stephanie Ryan and the municipal finance staff have been working on the grant schedule and reconciliations, the firm said; committee members requested another in‑person update in late February or early March. BDO offered to provide monthly or as‑needed updates; the committee asked for a late February/early March update to reassess the April issuance expectation.
No audit opinions or final reports were issued at the meeting; BDO described the status of in‑progress audit work and the dependencies that remain before final issuance.
