2021-01-20 City Council Item No. 12.1 Consultant Presentation Auditors Report Regular MEETING - Additional Meeting MaterialsCity of Menifee
Menifee, California
Comprehensive Annual Financial Report
For the Fiscal Year Ended June 30, 2020
Charles De Simoni, CPA, CGMA
Engagement Manager
January 20, 2021
RESPONSIBILITIES
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Present the City’s financial position and results of its operations fairly and in conformity with generally accepted accounting principles
Adopt sound accounting policies
Provide reasonable accounting estimates
Establish and maintain internal controls
Prevent and detect fraud
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The City’s Responsibilities
Obtain reasonable assurance that the financial
statements are free of material misstatement
Examine, on a test basis, evidence supporting amounts
and disclosures
Assess accounting principles used, estimates made, and
evaluate the overall financial statement presentation
Review the City’s internal control policies and
procedures
Express an opinion on the City’s financial statements
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Auditor Responsibilities
Financial statements are fairly presented in all
material respects –Unmodified Opinion –
Highest level of Opinion
Significant accounting policies have been
consistently applied
Estimates are reasonable
Disclosures are properly reflected in the financial
statements
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Auditor’s Opinion
No disagreements with management
No material errors or irregularities discovered
No significant accounting issues discovered
Obtained GFOA Award for Excellence in Financial Reporting in prior years and applying again for Award in 2021
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Other Key Points
Thank you!
To the Citizens of Menifee
To the City Council and Management
To the Finance Department Team
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