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CITY OF I REDDWOO O D CITY <br />Identification of Anticipated Potential Audit Problems <br />We do not anticipate that there will be any audit problems at the City. However, the <br />following are some areas that we will carefully investigate and monitor during our audit <br />procedures: <br />Budgeting Compliance: <br />• Review and evaluate the City's controls over budgetary compliance. <br />• Review and evaluate the City's reporting of variances and the budgetary <br />amendments and related approvals. <br />Investments: <br />• Evaluate compliance with GASB 31. <br />• Review and evaluate the City's authorization and approval process of its <br />investments. <br />• Review and evaluate the City's controls to assure compliance with investment <br />limitations and types of specific investments. <br />• Review and evaluate the City's monitoring of its investments. <br />Financial Reporting: <br />Review and evaluate that the City's Annual Financial Reports are in compliance <br />with current reporting and disclosures requirements issued by the GASB and <br />GFOA. <br />Review Annual Financial Reports for financial reporting conformance awards <br />issued by CSMFO and GFOA. <br />Review and evaluate degree of compliance with GASB 34 through GASB 38. <br />Review degree of compliance with infrastructure obligations and regulatory <br />provisions. <br />Internal Control Structure: <br />• Review and evaluate the City's internal control functions and ascertain compliance <br />with proper internal control philosophies. <br />• Review computer system processes and controls and evaluate adequacy of the <br />control environment. <br />27 <br />