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<br />I <br />1 <br />f . <br /> <br />~ / ð-/7 <br /> <br />CITY OF REDWOOD CIlY <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 <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 />budgetary <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 />wi th proper internal control philosophies. <br />Review computer system processes and controls and evaluate adequacy of the <br />control environment. <br />