Board of Directors Regular Meeting Agenda


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Meeting Date: 06/24/2015  

SUBJECT MATTER:
Receive, consider and act upon a recommendation from the Audit Committee on the Comprehensive Annual Financial Report for The Woodlands Township for the year ending December 31, 2014;
FISCAL IMPACT:
Not applicable
BACKGROUND:
An audit of The Woodlands Township’s financial records is conducted annually by an independent audit firm to ensure the Township’s financial transactions and statements are properly documented, recorded and presented in conformity with generally accepted accounting principles.

Blazek & Vetterling, Certified Public Accountants, conducted an audit of the Township’s 2014 financial records and reviewed the results with the Audit Committee on June 16, 2015. The auditors reported that the financial statements “present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the Township, as of December 31, 2014, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the united States of America”. A copy of the Comprehensive Annual Financial Report (CAFR) is attached for review. The Independent Auditors’ Report can be found on pages 12 – 13. Although the attached CAFR is in “Draft” form, no revisions are anticipated other than some minor formatting changes. The final version of the CAFR will be published by the auditors by June 30, 2015.

The auditors also reviewed the required “Audit Communications” report with the Committee, which is attached for the Board’s reference. The auditors informed the committee that no audit adjustments were necessary to complete the 2014 report; there were no difficulties encountered in performing or completing the audit; and there were no disagreements with management regarding the application of generally accepted accounting principles or auditing standards.
RECOMMENDATION:
Consider and act upon a recommendation from the Audit Committee to accept the Comprehensive Annual Financial Report for the year ended December 31, 2014.
Attachments
Audit Communications
2014 Comprehensive Annual Financial Report (draft)


    

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