Tri-County Metropolitan Transportation District of Oregon Board September 24, 2014 Presented By: Julie Desimone, Partner Nancy Young, Senior Manager MOSS ADAMS LLP | 1
WHAT WE WILL COVER • Nature of services provided Audit under Generally Accepted Auditing Standards (GAAS), Generally Accepted o Government Auditing Standards ( GAGAS) Single Audit o Oregon Minimum Standards Compliance audit o • Auditor’s opinion and reports • Critical audit areas • Required communications • Upcoming accounting standards • Summary MOSS ADAMS LLP | 2
AUDITOR’S REPORTS, OPINION & FINDINGS •Reports •Financial statement opinion •Oregon Muni Standards •A-133 •Data Collection Form •Unmodified opinion •Financial statements fairly presented in all material respects •No instances of non-compliance MOSS ADAMS LLP | 3
CRITICAL AUDIT AREAS • Cash & Investments • Property & Equipment and Construction projects • Lease-leaseback transactions • Pension Accrual • OPEB Accrual • Implementation of GASB 67 & 68 • Debt • Grant funding • Local Budget Law & Oregon Minimum Standards MOSS ADAMS LLP | 4
REQUIRED COMMUNICATIONS • Auditor’s responsibility under auditing standards • Significant accounting policies • Management judgments & accounting estimates • Audit adjustments made and passed • Management’s consultation with other accountants • No disagreements with management • No difficulties in performing the audit • Major issues discussed with management prior to our retention • Audit observations and recommendations MOSS ADAMS LLP | 5
NEW GASB STANDARDS GASB 67 Financial Reporting for Pension Plans GASB 68 Accounting and Financial Reporting for Pensions MOSS ADAMS LLP | 6
SUMMARY Financial • Clean Audit Opinion Statements Federal Funding • No Findings Compliance Oregon Legal • No Findings Compliance 2001 revenue bond debt • No Findings compliance MOSS ADAMS LLP | 7
SUMMARY • Thanks to Dave Auxier, Lori Baker, the Finance staff, and the Board • Questions ?? MOSS ADAMS LLP | 8
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