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AUDIT COMMITTEE
MINUTES OF THE MEETING HELD
JANUARY 27,2009
3RD FLOOR EXECUTIVE CONFERENCE ROOM - VILLAGE HALL
I. Call to Order
The meeting was called to order at 6:02pm. Members present were Mayor Irvana
Wilks, Committee Chair Tom Munz, Trustee John Matuszak, Finance Commission
Chair Vince Grochocinski and Finance Director David Erb.
II. Approval of Minutes
Approval of Minutes for June 3,2008. Motion to approve was made by Wilks and
Seconded by Erb. Minutes were approved.
III. Chair Report
Chair Munz provided a supplement to the agenda to committee members to recap
past discussions. The supplement was intended to bring new committee members
(Matuszak and Grochocinski) up to speed on what activities have taken place in the
past year. Chair Munz will review the supplemental handout further with committee
members during discussion on the 2009 Workplan coming later on the agenda.
IV. Director of Finance Report
No report at this time. Erb would be discussing items falling under New Business.
V. Old Business
None.
VI. New Business
a. Review Engagement Letter - Erb presented the 2008 audit engagement
letter to committee members. Discussion on changes from prior year's letter
followed. The committee wanted an opportunity to review the letter in more
detail before obtaining the Mayor's signature. Erb will e-mail copies to the
committee and wait for final comments before proceeding.
b. 2009 Workplan - The Audit Committee Workplan for the upcoming year was
discussed. Items included retaining auditing services for 2009 and
establishing meeting dates.
Audit Committee - Minutes
January 27, 2009
A draft of the Request for Proposal (RFP) for auditing services will be
discussed at the next meeting. A tentative timeline for the project is as
follows:
July 14-
August 28 -
September 16 -
September 21-25
October 2 -
October 7 -
October 13 -
October 20 -
Finalize audit RFP
Distribute audit RFP's
Auditor responses to RFP due
Auditor interviews
Final auditor recommendation
COW write-up due
Materials presented before COW
Board approval of audit agreement
Some of these dates may change due to committee member availability.
The audit RFP will include in its scope of services a "deep dive" into certain
Village processes. Two reviews that will be performed in year one of the
agreement will be for Accounts Payable and Cash.
The 2009 Workplan discussion centered on the RFP for auditing services
and supplemental handout from Chair Munz.
VII. Other Business
No Other Business at this time.
VIII. Next Meeting
The next meeting has been tentatively scheduled for May 19, 2009.
IX. Adjournment
Mayor Wilks motioned to adjourn the meeting and Trustee Matuszak seconded.
The meeting adjourned at 6:56 p.m.
Respectfully Submitted
David O. Erb
Finance Director
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