Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit And Finance topic
No spam. Unsubscribe anytime.
Council receives ACFR training from external auditors and IBA
Summary
The Office of the Independent Budget Analyst and external auditors provided a training overview of the City's Annual Comprehensive Financial Report (ACFR), covering audit objectives, the single-audit process, and notes of interest (investments, capital assets, long-term debt, pensions and OPEB).
The Council received an information briefing on the Annual Comprehensive Financial Report (ACFR) from the Office of the Independent Budget Analyst and auditing firm Crowe LLP.
Lisa Byrne of the IBA introduced the training and Crowe partner Kathy Lyon reviewed audit objectives and the types of opinions the external auditor may express. Lyon described the audit scope (government-wide financial statements, fund statements, single-audit testing of major federal programs) and highlighted notes that commonly interest users: cash and investments disclosures, capital assets, long-term debt rollforwards, pension and OPEB liabilities and contingencies. Crowe noted the city historically prepares a full ACFR and seeks a GFOA certificate of achievement for excellence in financial reporting.
Council members thanked staff and auditors for the concise overview. Public commenters praised the emphasis on oversight, transparency, budget variances and suggested continued attention to audit committee work and technology tools for accountability.
