HomeMy WebLinkAbout04/15/2014 AC Minutes AUDIT COMMITTEE
MINUTES OF THE MEETING HELD
APRIL 15, 2014
1ST FLOOR FINANCE CONFERENCE ROOM—VILLAGE HALL
I. Call to Order
The meeting was called to order at 5:34pm. Members present were Mayor Arlene
Juracek, Audit Committee Chair Tom Munz and Committee members John Matuszak
and Tim McDermott. Finance Director David Erb was also in attendance.
II. Approval of Minutes
Approval of Minutes for October 1, 2013. Motion to approve was made by Arlene
Juracek and a second was made by Tim McDermott. Minutes were approved.
III. Citizens to be Heard
There were no citizens to be heard.
IV. Old Business
There was no old business
V. New Business
a. Update— 2012 Management Letter Comments— Director Erb provided staff responses
to the auditor recommendations found in the 2012 management letter. Areas addressed
by the auditor include fund balance levels, investment diversification and budget
management. Staff concurred with the recommendations and implemented procedures
to be effective with the 2013 budget year.
b. 2013 Annual Report to Village Board — Details on the Audit Committee annual report
to the Village Board was discussed. Items discussed included report content and
tentative date for sending to the Board. Tom Munz and David Erb will work on drafting
the report.
c. 2013 Audit Engagement— Fieldwork on the 2013 audit started April 14 and is expected
to last until April 23. Prior to the start of the fieldwork the auditor engagement letter was
reviewed by Tim McDermott and staff. Terms and scope of audit were unchanged from
the prior year's engagement. Other details of the audit were also provided. The fee for
the 2013 audit is $33,720.
d. Audit Selection — 2014-2018 —The current five-year agreement for Lauterbach &Amen
(L&A) ends with the 2013 audit. Audit policy requires a mandatory turnover of the
external audit firm every five years. A Request for Proposal (RFP) process is also
required in selecting the new audit firm. Discussion centered on performance of
Lauterbach & Amen and changes to policy to allow L&A to continue to perform the
annual village audit. The Committee concluded that the policy would not be amended at
this time, but permit future audit firms to participate in the RFP process to allow for a
second five-year term. Timing for the RFP process for the 2014-2018 period was also
discussed.
Audit Committee— Minutes
April 15, 2014
VI. Other Business
There was no other business.
VII. Chair Report
There was no Chair Report.
VIII. Finance Director Report
There was no Finance Director report.
IX. Next Meeting
Next meeting date has not been determined.
X. Adjournment
Motion to adjourn was made by Tim McDermott and a second was made by John
Matuszak. The meeting adjourned at 6:36pm.
Respectfully Submitted
David O. Erb
Finance Director
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