Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
External auditors give San Francisco—s 2014-15 financial statements a clean opinion; IT governance and other deficiencies flagged
Summary
External auditors MGO and KPMG issued unmodified opinions on the city—s 2014-15 financial statements and single audits, but MGO reported two significant deficiencies (IT governance and year-end close processes) and single-audit findings on Port procurement documentation and foster-care time studies.
External auditors presented results of the City and County of San Francisco—s fiscal-year 2014-15 financial statement and single-audit reviews to the Government Audit and Oversight Committee on April 21, and issued unmodified (clean) opinions on the CAFR and the audited departments KPMG reviewed.
Annie Louie of the external audit team (MGO) told the committee the firm issued an unmodified opinion, the highest level of assurance, on the city—s financial statements and reported on internal controls and compliance. "We did issue an unmodified opinion, which is the highest level of assurance that you can achieve under financial statement and compliance audit," Louie said.
Louie highlighted implementation of GASB 68 (new pension-standards reporting) as one of the largest…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
