The URL can be used to link to this page

Home My WebLink About06/18/2010 AC MinutesAUDIT COMMITTEE MINUTES OF THE MEETING HELD JUNE 18, 2010 3RD FLOOR EXECUTIVE CONFERENCE ROOM —VILLAGE HALL I. Call to Order The meeting was called to order at 2:OOpm. Members present were Mayor Pro Tern Arlene Juracek, Committee Chair Tom Munz, Committee members Matuszak and Grochocinski and Finance Director David Erb. Deputy Finance Director Lynn Jarog and Ron Amen of Lauterbach and Amen were also present. II. Approval of Minutes Approval of Minutes for June 16, 2009. Motion to approve and a second were made. Minutes were approved. III. Chair Report No report. 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. Report on 2009 Audit - A brief review of the draft audit document was held. Director Erb presented various sections of the audit report including the transmittal letter, auditor report, the Management's Discussion and Analysis and various financial statements. Discussion among committee members followed. b. Discussion on Auditor In -Depth Review — Discussion on the area of focus for the auditor in -depth review took place. Areas of focus included cash, sign - off /approval process, payroll (including overtime) and utility billing. After general discussion among committee members and Mr. Amen it was decided that the following are areas of focus that will be open to in -depth reviews by the auditing firm: i. Utilities ii. Payroll iii. Purchasing /Procurement Decisions on subsequent in -depth reviews will be considered at a future Audit Committee meeting. Audit Committee — Minutes June 18, 2010 c. Discussion on SAS 99 — Discussion centered on methods used by the external auditor for assessing the potential for fraud at an organization in the course of performing the annual audit. A handout was provided to committee members that offered additional information on the topic. Mr. Amen explained how his firm proceeded in the fraud assessment and answered questions from committee members. VII. Other Business No Other Business at this time. VIII. Next Meeting D IX. Adjournment Motion to adjourn and a second were made. The meeting adjourned at 3:35pm Respectfully Submitted David O. Erb Finance Director 2