FROM: Amy McInerny, Chief Financial Officer
SUBJECT: Informational: Presentation from Brown Armstrong - Financial Statement Audit for the Fiscal Year Ending June 30, 2022.
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RECOMMENDATION:
Presentation and discussion of Financial Statement Audit for the Fiscal Year Ending June 30, 2022.
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BACKGROUND:
Brown Armstrong was selected by the Board of Retirement (Board) to audit the financial statements of the San Bernardino County Employees' Retirement Association (SBCERA) for the fiscal year ending June 30, 2022 as part of a multi-year contract. As part of the engagement, Brown Armstrong has prepared a presentation regarding the approach and timing of the audit.
The objective of the audit is to express an opinion as to whether SBCERA's financial statements are fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America and to report on the fairness of the supplementary information. A report will also be provided, without an opinion, on internal controls related to the financial statements and compliance with the provisions of laws, regulations, contracts, and grant agreements that could have a material effect on the financial statements.
The testing procedures will include tests of documentary evidence supporting the transactions recorded.
The estimated timeline for fieldwork and financial statement is presented below. These dates are an estimate and are subject to change.
Brown Armstrong was also selected to perform attestation services on the GASB 68 schedules prepared by staff, with the assistance of Segal Co. for the measurement date of June 30, 2022 and reporting date of June 30, 2023. The work for this engagement will take place in Spring 2023.
BUDGET IMPACT:
Costs for this item are included in the current year administrative budget.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Prudent Fiscal Management
STAFF CONTACT:
Amy McInerny
ATTACHMENTS:
Exhibit A: Present...
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