TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Kelley Cochran
425-556-2748
DEPARTMENT STAFF:
Finance
Haritha Narra
Deputy Finance Director
Finance
Nida Hermoso
Finance Manager, Accounting
TITLE:
title
2023 Financial Audit Entrance Conference
OVERVIEW STATEMENT:
recommendation
During the entrance conference, the state auditors will discuss the scope, timing, and cost of the 2023 financial audit.
body
? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
In accordance with generally accepted accounting principles, cities over 2,500 in population must have an annual audit.
* Required:
N/A
* Council Request:
N/A
* Other Key Facts:
N/A
OUTCOMES:
The mission of the Office of the Washington State Auditor is to provide independent and transparent examinations of how state and local governments use public funds and develop strategies that make government more efficient and effective.
The auditor will perform a financial statement audit to provide an independent opinion on the City's financial statements and results of operations to determine if the financial statements present a reliable, accurate picture of the City's finances.
There was a delay in the timing of the 2023 audit due to the implementation of the City's new Financial System (D365), which went live in July 2023. The delay will also impact the timing of the 2024 audit. A delayed audit is typical when financial systems are impacted, and the City has been working in partnership with the State Auditor's Office to allow for the exception to the standard audit practice. The creation of the City's 2024 financial statements is currently underway but cannot be finalized until the 2023 audit has been completed. Staff expects to complete the 2023 audit in August 2025 and begin the 2024 audit in September 2025.
C...
Click here for full text