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CITY OF MISSOULA, MONTANA

CITY OF MISSOULA, MONTANA. Audit Exit Conference Year Ended June 30, 2013 Presented February 26, 2014. Presentation Outline. Acknowledgements Scope of Audit Summary of Audit Results Financial Statement Highlights Internal Controls and Compliance Audit Committee Communications

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CITY OF MISSOULA, MONTANA

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  1. CITY OF MISSOULA, MONTANA Audit Exit Conference Year Ended June 30, 2013 PresentedFebruary 26, 2014

  2. Presentation Outline • Acknowledgements • Scope of Audit • Summary of Audit Results • Financial Statement Highlights • Internal Controls and Compliance • Audit Committee Communications • Component Units • Looking Forward

  3. Audit Scope • U.S. Generally Accepted Auditing Standards • Government Auditing Standards • Single Audit Act/OMB Circular A-133 • All City Funds • Component Units • Missoula Parking Commission • Missoula Redevelopment Agency • Business Improvement District

  4. New Standards • GASB 61 – amends the definition of component units • GASB 62 – clarifies the applicability of certain FASB and AICPA pronouncements for business-type activities • GASB 63 – amends definition of certain assets and liabilities, provides guidance for the reporting of deferred inflows and outflows and redefines the residual measure as net position

  5. Summary of Audit Results • Clean (unmodified) opinion on financial statements • No internal control findings over financial reporting • No findings related to major federal programs

  6. Financial Statement Highlights • Government-wide net position • Governmental funds fund balances • Revenues • Expenses • Mill Levies • Taxable Values • Debt Margin

  7. Net Position (000)

  8. Net Position by category(000)

  9. Fund Balances(000)

  10. Fund Balance Classifications under GASB 54

  11. Fund Revenues (000)

  12. Fund Expenditures(000)

  13. Mill Levies

  14. Taxable Values(000)

  15. Debt Margin(000)

  16. Governance Communications • Auditor Responsibilities • Planned Scope and Timing • Accounting Policies • Significant Audit Findings • Difficulties in Performing the Audit • Corrected and Uncorrected Misstatements • Other Information in the CAFR • Disagreements with Management • Management Representations • Consultations with Other Accountants

  17. Component Units • Missoula Redevelopment Agency • Clean opinion on financial statements • No findings related to internal control over financial reporting, no compliance findings • Missoula Parking Commission • Clean opinion on financial statements • No findings related to internal control over financial reporting, no compliance findings

  18. Component Units • Business Improvement District • Included in CAFR as a discretely-presented component unit • No separate report issued • Two internal control findings

  19. Looking Forward • The Missoula economy is slowly recovering • ARRA funds were still present on extended grants in 2013 • OMB proposal related to Single Audit • May affect scope of testing

  20. Looking Forward • Single Audit proposed changes: • Increase in threshold to $750,000 • One “super” circular to merge all current circulars • Reduction in number of compliance requirements

  21. QUESTIONS?

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