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External auditor outlines year's scope and fraud procedures to Board of Finance
Summary
CliftonLarsonAllen audit principal David Flint summarized the firm's financial-statement, state and federal single-audit responsibilities, emphasized a risk-based program, noted management-override of controls as a significant risk, and set fieldwork for November with a Dec. 31 audit deadline.
David Flint, principal at CliftonLarsonAllen, told the Simsbury Board of Finance his firm performs financial-statement audits and state and federal single audits for grant compliance and tests for material misstatements using a risk-based sampling approach.
"The primary purpose or primarily what we're doing is to make sure that those financial statements are free from any material misstatements," Flint said, adding that a financial-statement audit is not a forensic audit but that auditors will include unpredictable procedures and fraud interviews during the year. He listed "management override of controls" as a recurring significant risk that auditors monitor.
Board members asked whether the Board of Finance is "those charged with governance," and Flint confirmed the board has that oversight role and recommended a fraud-risk assessment and occasional targeted performance audits. Flint said final fieldwork is scheduled for November and the audit report is due by Dec. 31. The board did not vote on audit scope during the meeting but asked staff to circulate the management letter and to make the auditor available for follow-up questions.
