Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit Timetable topic
No spam. Unsubscribe anytime.
Auditor Jeff Peek lays out audit schedule, aims for mid-December issuance
Summary
Jeff Peek, principal with CLA, told the Budget and Finance Committee interim audit work will occur this July, primary procedures in October (possibly into November) and the firm is targeting an issuance by mid-December to meet the statutory Dec. 31 filing deadline; staff were asked to respond quickly to information requests.
Jeff Peek, principal with CLA's state and local government group, told the Budget and Finance Committee that interim audit procedures are under way and the firm is targeting an audit issuance by mid-December to meet the statutory Dec. 31 filing deadline.
Peek, introduced to the committee by staff, said this first year's timeline differs from future years because CLA is performing interim work in July rather than in the May-June period they would normally use. "Most of those procedures in the October period and into maybe a little bit of November, but all scheduled for an issuance by mid December so that we can get that done before Christmas," Peek said.
Why it matters: the timetable establishes when the city can expect final audited financial statements and ensures the city's filing obligations are met. A clear schedule can also affect budget planning, bond disclosures and grant compliance that depend on audited figures.
Peek outlined the sequence: CLA is completing interim procedures during July this year, performing entity-understanding, internal-control walkthroughs and risk assessments during the planning phase, and expecting main fieldwork in October with some follow-up in November. He asked the committee and staff to provide requested documentation through the firm's client portal and warned that timely responses are the audit's biggest efficiency factor: "Just responding quickly to our request is really the biggest thing," Peek said.
On beginning balances, Peek said auditors expect to finish documentation to rely on the prior auditor's numbers for opening figures. "We should be all set with that at this point to be able to finish our documentation to rely on the prior auditors numbers for the beginning balances," he said.
The committee was told Peek will give a fuller presentation during the regular board meeting and that auditors will reach out to governance members for inquiries tied to identified risks. No formal action or vote on the audit engagement timetable was recorded during this segment; staff and CLA agreed on the need for prompt information sharing as the next step.
