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HomeMy WebLinkAbout08/28/2014 AC Minutes AUDIT COMMITTEE MINUTES OF THE MEETING HELD AUGUST 28, 2014 1ST FLOOR FINANCE CONFERENCE ROOM—VILLAGE HALL I. Call to Order The meeting was called to order at 5:30 pm. Members present were Mayor Arlene Juracek, Audit Committee Chair Tom Munz and Committee members John Matuszak, Vince Grochocinski and Tim McDermott. David Erb, Finance Director and Ron Amen, from Lauterbach &Amen were also in attendance. II. Approval of Minutes Approval of Minutes for April 15, 2014. 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. Report on 2012 Annual —A review of the final audit document was held. Ron Amen presented various sections of the audit report including the transmittal letter, auditor report, the Management's Discussion and Analysis and various financial statements. David Erb also provided comments on the 2013 audit and audit process. General discussion among committee members followed. b. Review of 2013 Management Letter — Ron Amen went over comments included in the 2013 Management Letter. There were no comments for the current year. Prior year comments (2012) were previously addressed by staff. General discussion among committee members followed. c. Impact of Post-Closing Items — Chairman Munz asked Ron Amen to review the process for post-closing items, if necessary. Per Mr. Amen, the report is dated the close of fieldwork. Any notable activity/events through that date are included in the report. Events subsequent to the close of fieldwork will be picked up in the next audit. d. Auditor Transition — Ron Amen provided the process that Lauterbach & Amen takes during the transition to a new auditor. Access to permanent files and work papers will be provided to the successor audit firm. Mr. Amen assured absolute cooperation with the new audit firm. Audit Committee—Minutes August 28, 2014 e. Review Auditor Selection Criteria — David Erb provided a summary of the RFP process and the activities that have taken place up to the date of the meeting. Proposals were due in to the Finance Department by 1:OOpm on Friday, August 29. A sub-committee to review the proposals was created to include Tom Munz, Vince Grochocinski, Lynn Jarog and David Erb. Proposals will be distributed to the sub- committee review team and the entire Audit Committee board. The sub-committee will meet to review the proposals and select the finalists for in-person interviews. The date for audit firm interviews was set for Tuesday, September 23, 2014 at 2:00 pm. General discussion followed. 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 of the Audit Committee has been scheduled for September 23, 2014 at 2:00 pm in the 3rd Floor Executive Conference Room, Village Hall. X. Adjournment Motion to adjourn was made by Tim McDermott and a second was made by John Matuszak. The meeting adjourned at 6:58 pm. Respectfully Submitted David O. Erb Finance Director 2