Audit Wrap-up Town of Morrisville April Adams, CPA Partner - - PowerPoint PPT Presentation

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Audit Wrap-up Town of Morrisville April Adams, CPA Partner - - PowerPoint PPT Presentation

Oct 14, 2022 1.01k likes •1.19k views

Audit Wrap-up Town of Morrisville April Adams, CPA Partner October 24, 2017 Client Service Team Role of External Auditor Key Highlights - Results Internal Controls Agenda Significant Audit Areas Financial Results Summary Questions and

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SLIDE 1

Audit Wrap-up

Town of Morrisville

April Adams, CPA

Partner October 24, 2017

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SLIDE 2

Agenda

Client Service Team Role of External Auditor Key Highlights - Results Internal Controls Significant Audit Areas Financial Results Summary Questions and Comments

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SLIDE 3

3

Client Service Team

LeAnn Bagasala

Audit Manager

Eddie Burke

Relationship Audit Partner

April Adams

Service Audit Partner Alex Harris Audit Senior Accountant

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SLIDE 4

4

Role of the External Auditor

Actions

Plan and Perform Procedures Obtain Reasonable Assurance

Results

Express Opinions on:

  • Financial

Statements

  • Yellow Book
  • State Compliance

Required Communications

Policy Changes Estimates Journal Entries

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SLIDE 5

5

Key Highlights

Results

Opinions

Unmodified Opinion – Financial Statements Unmodified Opinion – Yellow Book Unmodified Opinion – State Single Audit

Internal Controls

No Significant Deficiencies or Material Weaknesses Observations: IT Related Matters

Single Audit

No Findings

SAS 114

PAJE for Municipal Service District Fund CIP Closure of Water and Sewer Fund

Other Matters

Prior Period Adjustments: OPEB restatement LEOSSA restatement Shiloh Sewer CPF restatement

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SLIDE 6

6

Internal Controls

Financial Statements

Significant Cycles

  • Payroll
  • Cash Receipts
  • Cash Disbursements

(including use of P- Cards)

  • Budgeting
  • Financial Statement

Close

Journal Entries

  • Active Data

IT Controls

  • IT Entity Level
  • Backup & Recovery
  • Access & Security
  • Network Security
  • Cyber Security
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SLIDE 7

7

Significant Audit Areas

Financial Statements

Assets and Revenues

  • Accounts /Notes Receivable
  • Revenues

Liabilities and Expenses

  • Payroll
  • Debt

Other Items

  • Cash
  • Accounts Payable and

Accrued Liabilities

  • Capital Assets
  • Net Position
  • Expenses
  • Related Parties
  • Estimates
  • Legal
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SLIDE 8

8

Significant Audit Areas

Internal Controls & Compliance – Single Audit

  • Powell Bill

State Major Programs

  • Administrative Controls
  • Monitoring Reports
  • Compliance Matrix
  • Compliance Testing
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SLIDE 9

Financial Results

General Fund Revenues (thousands)

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17,909 1,841 8,986 1,143 491

2017

Taxes Permits and Fees Intergovernmental Services Sales for Services Miscellaneous

16,675 1,768 8,516 1,109 614

2016

2017 Total: $30,370 2016 Total: $28,682

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SLIDE 10

Financial Results

General Fund Expenses (thousands)

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8,167 5,925 1,665 1,723 1,728 4,303 2,231

2017

Public Safety Public Works Debt Service Capital Outlay Cultural and Recreation General Government Development Services 8,159 5,207 1,458 1,148 1,618 3,542 1,989

2016

2017 Total: $25,742 2016 Total: $23,121

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SLIDE 11

Financial Results

General Fund – Fund Balance (thousands)

11 7,385 9 2,246 2,823 15,255

2017

Restricted Non Expendable Committed Assigned Unassigned 7,133 40 931 2,305 15,258

2016

2017 Total: $27,718 2016 Total: $25,667

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SLIDE 12

Financial Results

Cash and Investments (thousands)

12 3 13,375 33,542

2017

Petty Cash Carrying Amounts NC Capital Management

2017 Total: $46,919 2016 Total: $34,020

3 3,882 30,135

2016

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SLIDE 13

Financial Results

Capital Assets (thousands)

Governmental Activities 13

2,189 1,616 36,675 11,187 10,299 3,961 62,770

2017

Vehicles Equipment Land CIP Buildings Other Improvements Infrastructure

2017 Total: $128,697 2016 Total: $113,827

1,814 1,717 34,002 5,047 10,616 4,125 56,506

2016

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SLIDE 14

Financial Results

Long Term Debt (thousands)

Governmental Activities 14

945 19,330 1,015 1,603 3,466 561

2017

Compensated Absences Bonds LEOSA Installment Notes Net Pension Obligation Other Post Employment Benefits

2017 Total: $26,920 2016 Total: $12,810

895 8,982 69 2,012 852

2016

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15

Summary

Clean Opinion Journal Entries Good Internal Controls No Significant Deficiencies Identified

Full Cooperation with Management

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SLIDE 16

Questions & Comments?

April Adams, CPA

Service Audit Partner aadams@cbh.com 919.782.1040

Eddie Burke, CPA

Relationship Audit Partner eburke@cbh.com 919.782.1040