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CITY OF REDWOOD CITY <br /> <br />Identification of Anticipated Potential Audit Problems <br /> <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 /> <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 /> <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 /> <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 /> <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 /> <br /> 27 <br /> <br /> <br />