Tri-County Metropolitan Transportation District of Oregon Board - - PowerPoint PPT Presentation

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Tri-County Metropolitan Transportation District of Oregon Board

September 24, 2014

Presented By: Julie Desimone, Partner Nancy Young, Senior Manager

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WHAT WE WILL COVER

• Nature of services provided
• Audit under Generally Accepted Auditing Standards (GAAS), Generally Accepted

Government Auditing Standards ( GAGAS)

• Single Audit
• Oregon Minimum Standards Compliance audit
• Auditor’s opinion and reports
• Critical audit areas
• Required communications
• Upcoming accounting standards
• Summary

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AUDITOR’S REPORTS, OPINION & FINDINGS

• Reports
• Financial statement opinion
• Oregon Muni Standards
• A-133
• Data Collection Form
• Unmodified opinion
• Financial statements fairly presented in

all material respects

• No instances of non-compliance

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CRITICAL AUDIT AREAS

• Cash & Investments
• Property & Equipment and Construction projects
• Lease-leaseback transactions
• Pension Accrual
• OPEB Accrual
• Implementation of GASB 67 & 68
• Debt
• Grant funding
• Local Budget Law & Oregon Minimum Standards

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REQUIRED COMMUNICATIONS

• Auditor’s responsibility under auditing standards
• Significant accounting policies
• Management judgments & accounting estimates
• Audit adjustments made and passed
• Management’s consultation with other accountants
• No disagreements with management
• No difficulties in performing the audit
• Major issues discussed with management prior to our retention
• Audit observations and recommendations

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NEW GASB STANDARDS

GASB 67 Financial Reporting for Pension Plans GASB 68 Accounting and Financial Reporting for Pensions

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SUMMARY

• Clean Audit Opinion

Financial Statements

• No Findings

Federal Funding Compliance

• No Findings

Oregon Legal Compliance

• No Findings

2001 revenue bond debt compliance

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SUMMARY

• Thanks to Dave Auxier, Lori Baker,

the Finance staff, and the Board

• Questions ??