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Report ID: 21-327   
Type: Consent
Meeting Body: Board of Directors - Regular Meeting
Meeting Date: 7/14/2021 Final action: 7/14/2021
Recommended Action: Consider receiving the Financial Audit Plan and Audit Engagement Letter for the Fiscal Year Ending June 30, 2021.
Attachments: 1. STAFF REPORT, 2. Att 1 FY21 Audit Plan, 3. Att 2 Audit Engagement Letter draft, 4. Master Minute Order
TO: AC Transit Board of Directors
FROM: Michael A. Hursh, General Manager
SUBJECT: Financial Audit and Audit Engagement Letter for FY 2020-21



Consider receiving the Financial Audit Plan and Audit Engagement Letter for the Fiscal Year Ending June 30, 2021.


Goal - Financial Stability and Resiliency
Initiative - Financial Efficiency and Revenue Maximization

The annual audit provides an objective independent examination of District's financial statements and is essential in fulfilling the District's mandatory external financial reporting requirements.


There is no budgetary or fiscal impact associated with this report.


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, 2021. Upon completion of their 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

Crowe LLP will be conducting at least the interim phase of the audit remotely. As part of the audit planning process, the independent accounting firm reviews the scope of the audit with the Board of Directors. This discussion with the Board includes a review of 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 developments. Attached to this r...

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