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Auditors report no findings under Oregon minimum standards; procurement practices reviewed
Summary
The auditor told the committee there were no findings under Oregon minimum standards; the report included review of public contracting, advertising, bank collateralization and compliance with Oregon budget law.
Presenter Moffitt told the audit committee the Oregon-required minimum-standards review found no issues. He explained the minimum-standards work reviews areas beyond financial transactions, including Oregon budget law, Oregon public contracting law, public advertising for procurements, the use of highway funds and appropriate investment practices.
Moffitt said auditors check bids to ensure the selection process was fair and verify insurance and collateralization for banks that hold city funds. The committee discussed how the minimum-standards report adds a compliance layer on top of the traditional financial statement audit.
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