HomeMy WebLinkAbout4. Mayor's Report 01/19/2016Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: MICHAEL J. CASSADY, VILLAGE MANAGER
FROM: FINANCE DIRECTOR
DATE: JANUARY 12, 2016
SUBJECT: ACCEPTANCE OF AUDIT FOR THE PERIOD ENDED DECEMBER 31, 2014
On November 17, 2015, the Audit Committee made its annual report to the Village Board. The annual report
opened with general comments on the 2014 audit followed by a detailed review of activities presented by Tom
Munz, Audit Committee Chair.
Listed below is a brief list of points from the meeting.
• The report received an unqualified opinion which states the financial statements present fairly (no
reservations) the financial position of the village at December 31, 2014.
• There were three current period comments in the management letter and a single audit adjustment
after books were turned over to the auditor. Each of the comments were addressed during fiscal year
2015.
• The village was awarded the certificate of achievement in financial reporting for its 2013 report and
was expected to receive the award for its 2014 report as well. The village has since received word that
the 2014 audit did receive the certificate of achievement award.
• The new audit firm, Sikich LLC, in the first year of a five-year term performed exceptionally well and
the audit process went very smooth.
Due to an oversight at the November 2015 meeting, final acceptance of the annual financial report for period
ended December 31, 2014 did not take place. Staff is now requesting Village Board acceptance of this report at
its January 19, 2016 meeting.
During 2016, the Finance Department will work with the Audit Committee in developing standard procedures
for when the annual report is presented and how results of the annual financial report are communicated to
the Village Board. It is anticipated that the acceptance of future financial reports will take place at during the
annual report of the Audit Committee. Standardization of Audit Committee procedures addresses a Strategic
Plan action item for 2016 for a financial policies review.
Please review this information and contact me with any questions.
David O. Erb
Finance Director
I:\Audit Committee\2015\12-31-14 Audit Acceptance.docx