Audit Committee Meeting

MINUTES Audit Committee Meeting Wednesday, December 18, 2024 at 3:00 PM Carnegie Town Hall, 235 West 10th St., Sioux Falls, South Dakota 57104 1. Call To Order Present: Committee Chair David Barranco, Committee Member Rich Merkouris, Committee Member Karla Quarve, Committee Member Jennifer Sigette Absent: Committee Member Eric Walser, Committee Member Ryan Spellerberg Committee Chair David Barranco called the meeting to order at 3 p.m. 2. Approval of Minutes A. Thursday, August 22, 2024 A motion was made by Committee Member Sigette and seconded by Committee Member Merkouris to approve the minutes of Thursday, August 22, 2024. Voice vote to approve. 5 Yes: Barranco, Goettsch, Merkouris, Quarve, Sigette; 0 No: (None). Motion Passed. 3. Reports and Updates A. Internal Audit Progress Update, by Ryan Lauseng, Internal Auditor Ryan Lauseng, Internal Auditor, gave an internal audit progress update (presentation attached to the agenda). Following the presentation, there was some discussion and questions asked regarding differences in how customer credit cards are processed by different City departments, and credit card processing fees within the City. B. Update on External Audit of the City’s 2024 Financial Statements, by Stacey Nelson and Brian Stavenger, Eide Bailly Stacey Nelson, Communication Partner, Eide Bailly, gave a brief introduction to the presentation, and also introduced Brian Stavenger (via telecom), Engagement Partner, Eide Bailly.  After a few minutes of technical difficulties, Stavenger presented an update on the external audit of the City's 2024 financials (presentation attached to the agenda). Stavenger also spoke on upcoming updates to the accounting standards; audit planning; and the approach to the audit. Following the presentation, there were questions and discussion regarding how the audit team is selected. 4. Committee Member Remarks Barranco spoke about a hotline that citizens can use to report any instances of misconduct, fraud, waste, or theft of City resources, and the importance of reporting those issues. Issues can be reported by telephone: 1-833-610-0003 (English), or 1- 800-216-1288 (Espanol), by email: standard-reports@miratech.com, or online at: https://report.syntrio.com/siouxfalls. 5. Public Comment There was none. 6. Adjournment The meeting was adjourned at 3:31 p.m. Jermery J. Washington, City Clerk