Audit Advisory Committee

51 Bald Eagle Drive City of Marco Island Florida Marco Island, Florida cityofmarcoisland.com Meeting Minutes - Final Audit Advisory Committee Tuesday, November 12, 2019 9:00 AM Community Room (1) CALL TO ORDER Chair Miller called the meeting to order at 9:00 AM. (2) ROLL CALL Present: 4- Chair Miller, Member Hughes, Member Hogan and Member Cory Absent: 3- Member Adams, Vice-Chair Rogers and Member Ginder Also Present - Daniel Anderson - Audit Manager, Maudlin & Jenkins Chair Miller observed that Committee Member Ginder had not attended two Committee meetings and is absent without explanation. Finance Director Polanco similarly indicated that Member Ginder had not responded to his emails and that he will meet with the City Clerk to determine the next steps. (3) APPROVAL OF THE AGENDA MOTION by Member Cory, seconded by Member Hughes, that the Agenda be Approved. MOTION CARRIED BY THE FOLLOWING VOTE: Yes: 4- Chair Miller, Member Hughes, Member Hogan and Member Cory (5) APPROVAL OF THE MINUTES ID 19-503 August 27, 2019 Audit Advisory Committee Meeting Minutes MOTION by Member Cory, seconded by Member Hogan, that the Minutes of August 27, 2019 be Approved. MOTION CARRIED BY THE FOLLOWING VOTE: Yes: 4- Chair Miller, Member Hughes, Member Hogan and Member Cory (5) NEW BUSINESS a. Maudlin & Jenkins (M&J) - City of Marco Island's Auditing Service Mr. Daniel Anderson, M&J Audit Manager, advised the Committee that planning procedures for the Fiscal Year 2019 Audit have begun. Updates on internal control process changes and City personnel assignments will be helpful so that M&J will have an accurate understanding of whose signatures to expect on financial documents. This will be done to assess the risks for Fiscal Year 2019 and to develop an effective audit plan for the City . Mr. Anderson further indicated that Maudlin & Jenkins has a new cloud based software City of Marco Island Florida Page 1 Audit Advisory Committee Meeting Minutes - Final November 12, 2019 named 'Surelink' available to assist. However, it is recognized that the City's current software (Munis) has provided M&J good access to all the information the Auditors have needed in the past. Mr. Anderson will forward a link demonstrating the new software to the Audit Advisory Committee for its evaluation and review. Finance Director Polanco will make a determination after review and comment from the Committee. Mr. Anderson highlighted the new Government Accounting Standards Board (GASB) statements, which will be reviewed more in depth by Finance Director Polanco. M&J offered to provide links to a webinar to anyone on the Committee interested in learning about the changes. The Maudlin & Jenkins Audit Engagement Team & Timetable: Mr. Wade Sansbury, M&J's Engagement Partner, Mr. Daniel Anderson, M&J's Engagement Manager, and the same M&J team members who participated in last year's audit will be on hand to assist in this year's effort. The Maudlin & Jenkins team will provide the required list of items to City Finance Director Polanco within a week, and members of the team will be on hand for two weeks in January to conduct year-end field work. It is expected that the Fire and Police Actuarial Reports will be complete by the end of January, and that a report to the Audit Advisory Committee could be available as early as mid-February. Final Financial Statements are expected to completed by mid-March. b. ID 19-566 Overview of GASB UPDATE 2019 Finance Director Polanco updated the Committee on the impact of two GASB statements (GASB 83 and GASB 89) which will affect Fiscal Year 2019. He provided an overview of both required statements, briefly described the details of other GASB statements that will have an impact in Fiscal Years 2020 and 2021, and he responded to questions from the Committee. (6) PATH FORWARD a. Next Meeting Date Chair Miller confirmed the intent to next convene the Committee in mid-to-late February in line with the timeline proposed by Mr. Daniel Anderson of Maudlin & Jenkins. Ms. Lori Rizzo will follow-up with the Committee via email to identify a date. b. AAC Hours The attending Committee members reported the following hours: Committee Member Cory - 2 Hours Committee Member Hogan - 3 Hours Chair Miller - 3 Hours Committee Member Hughes - 2 Hours (7) PUBLIC COMMENT None (8) ADJOURNMENT There being no further business, the meeting adjourned at 9:46 A.M. PREPARED BY: City of Marco Island Florida Page 2 Audit Advisory Committee Meeting Minutes - Final November 12, 2019 _________________________________ Lori Rizzo, Recording Specialist City of Marco Island Florida Page 3