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External auditors outline ACFR and single-audit schedule; opinion targeted before Thanksgiving
Summary
New external auditors presented scope and timing for the City of Glendale's fiscal year 2026 audit: ACFR fieldwork in Oct–Nov 2026 with an opinion letter targeted before Thanksgiving and single-audit work to finish by March 2027. Auditors flagged pension/OPEB, management override, and intergovernmental revenue as high-focus areas.
The city's newly engaged external audit team told the Audit Committee on July 30 that the fiscal year 2026 annual comprehensive financial report (ACFR) audit will have final field work in October and November 2026 and that the firm aims to issue an opinion letter before Thanksgiving and present the report to the city council on Dec. 8, 2026.
"Planning and interim is currently underway. Final field work is scheduled for late October and early November. We anticipate to issue our opinion on the ACFR in November of this year, before Thanksgiving," said David Preciado, the audit senior manager overseeing Glendale's engagement. Preciado said the engagement also includes a separate single-audit of federal programs scheduled to begin in January with an expected completion in March 2027 (deadline 03/31/2027).
The auditors summarized the scope: a financial-statement audit of the ACFR, a single-audit for federal grant compliance, stand-alone audits for water and power enterprises, and agreed-upon procedures for HUD REAC reporting, the city's appropriations limit calculation, NTD reporting and Measure W. The engagement team described a three-year contract term through 03/31/2029 with optional renewals.
Preciado listed primary audit focus areas auditors will evaluate in planning and testing: "significant estimates" such as pension and OPEB liabilities; the risk of management override of internal controls; and nonexchange intergovernmental revenue where reimbursement processes cross departments. He said the firm will adjust testing based on risk assessment and materiality.
Committee members asked when deliverables would be available and whether the committee should schedule a special meeting to align the committee's review with council adoption schedules. Preciado and staff recommended planning for presentation in December and noted the single-audit will follow in March 2027.
The committee accepted the update and invited the audit team to return with updates on field work and any significant findings.
The presentation included detail on the financial-reporting standards auditors will review; auditors said GASB statements affecting presentation (GASB 103 and 104) have no opening-balance impact but will change MD&A and capital-asset disclosures, and that GASB 105 on subsequent-event disclosures takes effect next year.
