Ad Hoc Audit Committee

Regular Meeting

Norwalk, CT · January 29, 2015

Minutes

ADHOC AUDIT COMMITTEE MEETING Thursday January 29, 2015 6:00 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut 1. Presentation and discussion of June 30, 2014 Audit 2. New Business. Meeting starts at 6pm Present: Committee: Bruce Kimmel, Chairman of Finance of Committee of the Common Council Jim Clarke, Chairman of Board of Estimate Nate Yordan Chairman of the Adhoc Audit Committee Staff: Frederic Gilden Comptroller Thomas Hamilton City Finance Director Rich Rudl BOE Business Manager Auditors Lauren Davis, McGladrey Michael Scalia, McGladrey Minute Notes Lauren Davis presented the audit report and went through significant schedules as all present asked questions during the presentation. Significant items Audit opinion unmodified. Presented what are the components of fund balance. Mr Hamilton explained when the City discussed fund balance it is as a percent of revenues. Internal Service fund was examined. Mr. Hamilton explained that the majority of the balance in the fund was due to BOE health benefits. New Pension Pronouncements were explained and how that effectedthe financial statements. Lauren Davis then went over the Management Letter. Tom Hamilton went over the City Internal Audit function. New Business The contract for the auditors has ended. The City is doing a request for proposal. The adhoc audit committee will be on the selection committee. The Board of Estimate when then appoint the auditors subject to the contract being approved by the common council. Staff were dismissed and the Committee had a discussion with the auditors.

Agenda

ADHOC AUDIT COMMITTEE MEETING Thursday, November 13, 2003 6:00 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut Meet with Independent Auditor – Scillia, Dowling & Natarelli, LLC ADHOC AUDIT COMMITTEE MEETING Wednesday, January 28, 2004 6:00 P.M. CITY HALL Room 101 125 East Avenue Norwalk, Connecticut 1. Approval of November 13, 2003 minutes 2. Presentation of June 30, 2003 audit by Scillia, Dowling & Natarelli, LLC 3. Other Business Adam Farstrup 208 Fox Hill Road Norwalk, Ct 06854 Bruce Kimmel 9 Toilsome Ave Norwalk, Ct 06851 Nathaniel Yordon Capossela, Cohen LLC 368 Center St. Southport, CT 06490-1432 ADHOC AUDIT COMMITTEE MEETING Monday, March 15, 2004 6:00 P.M. CITY HALL Room 101 125 East Avenue Norwalk, Connecticut 1. Presentation and discussion of Agreed Upon Procedures Capital Projects Audit by AHY LLP (formerly Scillia Dowling & Natarelli LLC) 2. Independent Audit RFP discussion. ADHOC AUDIT COMMITTEE MEETING Thursday June 3, 2004 6:00 P.M. CITY HALL Room 213 (Behind the Elevator) 125 East Avenue Norwalk, Connecticut 1. Meeting with new auditors prior to the audit beginning. Discussion of Agreed Upon Procedures Capital Projects Audit responses. ADHOC AUDIT COMMITTEE MEETING Tuesday November 9, 2004 6:00 P.M. CITY HALL Room 101 125 East Avenue Norwalk, Connecticut Meeting with auditors (McGladrey & Pullen) to discuss: A. Status of Audit. B. Preliminary June 30, 2004 Financial Report, if available. C. Related Items ADHOC AUDIT COMMITTEE MEETING Tuesday January 25, 2005 6:30 P.M. CITY HALL Common Council Chambers 125 East Avenue Norwalk, Connecticut Meeting with auditors (McGladrey & Pullen) to discuss: June 30, 2004 Financial Report Federal and State Financial and Compliance Report Management Letter Related items ADHOC AUDIT COMMITTEE MEETING Thursday July 7, 2005 6:00 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut Meeting with auditors (McGladrey & Pullen) to discuss: June 30, 2005 audit before work begins. Auditors comments for the June 30, 2004 as they relate to the school system. ADHOC AUDIT COMMITTEE MEETING Thursday October 27, 2005 7:00 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut Meeting with auditors (McGladrey & Pullen) to discuss: June 30, 2005 audit. ADHOC AUDIT COMMITTEE MEETING Thursday October 27, 2005 7:00 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut CANCELLED ADHOC AUDIT COMMITTEE MEETING Wednesday November 30, 2005 7:15 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut Meeting with auditors (McGladrey & Pullen) to discuss: June 30, 2005 audit. ADHOC AUDIT COMMITTEE MEETING Tuesday January 31, 2006 7:30 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut Meeting with auditors (McGladrey & Pullen) to discuss: June 30, 2005 audit. June 30, 2005 CAFR Management Letter Federal & State Financial & Compliance Report ADHOC AUDIT COMMITTEE MEETING Monday June 26, 2006 6:30 P.M. to 7:30 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut Meeting with auditors (McGladrey & Pullen) to discuss: June 30, 2006 audit. ADHOC AUDIT COMMITTEE MEETING Monday June 26, 2006 6:30 P.M. to 7:30 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut CANCELLED ADHOC AUDIT COMMITTEE MEETING Wednesday September 20, 2006 7:30 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut REVISED 9/14/2006 Current Audit for June 30, 2006 Issues from last year: 1. cafeteria funds and funding 2. Integration of the miscellaneous board of education funds into the main financial accounting system 3. Subrecipient monitoring 4. Procedures & guidelines for student activities Future Issues Impact of the post retirement health benefits on the financial statements Audit Committee session with auditors (No City Staff0 ADHOC AUDIT COMMITTEE MEETING Thursday January 11, 2007 7:00 P.M. to 8:00PM CITY HALL Room 231 125 East Avenue Norwalk, Connecticut 1. Receive June 30, 2006 Audit Report and Related Documents. Presentation by the auditors and discussion. 2. Other Business ADHOC AUDIT COMMITTEE MEETING Thursday June 7, 2007 6:30 P.M. to 7:30 PM CITY HALL Room 231 125 East Avenue Norwalk, Connecticut Meeting with auditors (McGladrey & Pullen) to discuss: June 30, 2007 audit. ADHOC AUDIT COMMITTEE MEETING Thursday January 24, 2008 6:00 P.M. to 7:00PM CITY HALL Room 231 125 East Avenue Norwalk, Connecticut Receive June 30, 2007 Audit Report and Related Documents. Presentation by the auditors and discussion. ADHOC AUDIT COMMITTEE MEETING Thursday June 12, 2008 6:00 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut Meeting with auditors (McGladrey & Pullen) to discuss: June 30, 2008 audit. ADHOC AUDIT COMMITTEE MEETING Thursday January 15, 2009 6:00 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut 1. Meeting with auditors (McGladrey & Pullen) to discuss June 30, 2008 audit. 2. Contract with current Auditors ends with June 30, 2008. Discuss next steps. ADHOC AUDIT COMMITTEE MEETING Wednesday May 27, 2009 6:00 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut Meeting with auditors (McGladrey & Pullen) to discuss: June 30, 2009 audit. ADHOC AUDIT COMMITTEE MEETING Wednesday January 20, 2010 6:00 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut 1. Receive and discuss the June 30 Audit Report including Final Results for June 30, 2009. 2. Discuss Request for Proposal (RFP) for Audit Services. Our audit contract with our current independent auditors McGladrey & Pullen ends with the June 30, 2009 audit and the Board of Estimate & Taxation has voted to do an RFP for audit services. ADHOC AUDIT COMMITTEE MEETING Wednesday February 16, 2011 5:30 P.M. CITY HALL Room 101 125 East Avenue Norwalk, Connecticut 1. Receive and discuss the June 30 Audit Report including Final Results for June 30, 2010. ADHOC AUDIT COMMITTEE MEETING Wednesday February 29, 2012 6:00 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut 1. Receive June 30, 2011 audit and discuss with Auditors. ADHOC AUDIT COMMITTEE MEETING Tuesday July 31, 2012 6:00 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut 1. Review upcoming June 30, 2012Audit with Auditors ADHOC AUDIT COMMITTEE MEETING Tuesday August 13 2013 6:00 P.M. CITY HALL Room 101 125 East Avenue Norwalk, Connecticut 1. Review upcoming June 30, 2013 Audit with Auditors. ADHOC AUDIT COMMITTEE MEETING Thursday February 27, 2014 6:00 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut 1. Review June 30, 2013 Reports with Auditors. ADHOC AUDIT COMMITTEE MEETING Thursday January 29, 2015 6:00 P.M. CITY HALL Room 231 125 East Avenue Norwalk, Connecticut 1. Presentation and discussion of June 30, 2014 Audit 2. New Business.