02/27/1985 Meeting - Laserfiche WebLink

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e M E MaR AND U M February 14t 1985 From: Dee Ann Railet Reporting and Control ~~ Manager ~~~ To: City Council Subject: FY84 Financial Audit, Correcting Resolution and Management Letter Enclosed is the Comprehensive Annual Financial Report for the City of Eugene for the year ended June 30, 1984. The financial statements have been audited by Peat, Marwick, Mitchell & Co. The auditors have expressed an unqualified opinion on the financial statements. An unqualified opinion indicates the financial statements present fairly the City's financial position and results of operation for the year ended June 30, 1984. Attached is a resolution providing for corrective action to address citations noted in the section titled IIAudit Comments and Disclosuresll (page 189). The resolution directs staff to implement policies and procedures to correct the cited incidences. However, it is important to note that none of the citations enumerated by the auditors were of sufficient merit to impinge on ~ the internal controls or the integrity of the City's financial systems. .., Each year as a function of the external audit, the auditor's review the City's system of internal accounting controls. The purpose of the auditor's review is to determine the nature, timing and extent of the auditing procedures that will be necessary to express an opinion on the City's financial statements. The review of internal controls for FY84 disclosed no material weaknesses in the system of internal controls. The review did disclose certain opportunities for improving management infor- mation and operational efficiency. The enclosed document from Peat, Marwick, Mitchell & Co. details those suggestions. Also enclosed is the staff response to implementing the external auditor's suggestions. cc: M. Gleason D. Whitlow G. Long W. Wong C. Dallas Attachment--4 ATDAR6 e