Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit topic
No spam. Unsubscribe anytime.
SIR audit shows one finding; auditors recommend year-end reconciliations and PeopleSoft integration
Summary
External auditors reported one finding for SIR: several year-end reconciliations and an unrecorded retirement liability need documenting. Auditors recommended incorporating SIR into city year-end procedures and using PeopleSoft to record accruals.
SIR board members reviewed the agency's external audit, which reported a single finding related to year-end reconciliations and an unrecorded liability for New York State retirement.
Mike (staff member), reviewing the audit, said the finding reflects a need to document year-end procedures for SIR consistent with city practice. "There are a number of just year end reconciliations and adjustments that should be recorded," he said, and noted SIR has improved in recent years. The audit identified an unrecorded liability for New York State retirement accruals that SIR had not previously booked.
Auditors recommended adding SIR to the city's year-end procedures and integrating account tracking into the city's enterprise resource planning system. Mike said the city uses PeopleSoft and that recording the retirement accrual account number in the system would prompt consistent accruals in future years. "So now if we see this account number in CERA, we'll know, Oh, this is the retirement accrual account, we need to book an accrual for that," he said.
Board members acknowledged progress and the expectation that consolidating SIR into the city's year-end processes will reduce findings in future audits. No formal action was required on the audit review; the board had approved the management representation letter at a prior meeting on March 12, 2025.
The session closed after the audit review and the board adjourned.
