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External auditors outline FY2006—607 plans; controller flags nearly $5 billion GASB 45 exposure
Summary
External auditors and the controller presented audit timelines and issues including interim/final fieldwork, a risk-based audit approach, a possible preliminary $5 billion GASB 45 retiree health liability, and planned GASB 49 pollution-remediation analysis; the committee discussed audit prioritization and next steps.
City controller Ed Harrington and external auditors briefed the Government Audit and Oversight Committee on audit plans for the comprehensive annual financial report and single-audit work, and highlighted emerging accounting standards the committee should track.
Caroline Walsh, audit director, said interim fieldwork would run through July and final fieldwork once the city closes the books, with a goal of issuing the CAFR in the November timeframe. She described a risk-based approach to focusing audit effort and said auditors would perform a fraud-risk assessment, controls testing and a review of federal grant compliance.
On GASB Statement No. 45 (retiree health), Harrington said preliminary actuarial work shows a large unfunded liability. —If the city puts the money aside the way…
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