TO: AC Transit Board of Directors
FROM: Michael A. Hursh, General Manager/Chief Executive Officer
SUBJECT: Financial Audit Plan and Audit Engagement Letter for FY 2023-24
BRIEFING ITEM
AGENDA PLANNING REQUEST: ?
RECOMMENDED ACTION(S):
Title
Consider receiving the Financial Audit Plan and Audit Engagement Letter for the Fiscal Year Ending June 30, 2024.
Staff Contact:
Chris Andrichak, Chief Financial Officer
Body
STRATEGIC IMPORTANCE:
Goal - Financial Stability and Resiliency
Initiative - Financial Efficiency and Revenue Maximization
The annual audit provides an objective independent examination of the District's financial statements and is essential to fulfilling the District's mandatory external financial reporting requirements.
BUDGETARY/FISCAL IMPACT:
There is no budgetary or fiscal impact associated with this report.
BACKGROUND/RATIONALE:
In accordance with Board Policy No. 340, Accounting Policy, Crowe LLP, an independent firm, will perform the annual financial audit for the year ending June 30, 2024. Upon completion of its fieldwork, Crowe LLP will issue an opinion, which will be incorporated into the Annual Comprehensive Financial Report (ACFR) of the District.
In preparation for the audit, Crowe LLP and District staff held an entrance conference meeting to discuss new audit issues relevant to the current fiscal year, the potential impact of upcoming General Accounting Standards Board (GASB) pronouncements, and the following audit plan elements:
? Timeline
? Client Participation Schedule
? General Matters
As part of the audit planning process, the independent accounting firm provides the scope of the audit to the Board of Directors. This communication with the Board includes the adequacy and effectiveness of the systems of internal controls over financial reporting and any significant changes in those controls, as well as accounting practices, disclosure controls and procedures of the entity, and current accounting trends and deve...
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