10-11-2004 Regular Meeting - Laserfiche WebLink

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. e MINUTES OF THE SPECIAL CALLED MEETING OF THE LA PORTE AUDIT COMMITTEE October 11, 2004 1. Call to Order The meeting was called to order by Chairperson Chuck Engelken at 5 :05 p.m. Members of Committee Present: Chairperson Chuck Engelken and Mayor Pro Tern Barry Beasley. Members of Committee Absent: Howard Ebow was absent due to being called into work. Members of City Council Present: Councilmember Louis Rigby. Members of City Executive Staff and City Employees Present: City Manager Debra Feazelle, Assistant City Manager Cynthia Alexander, Assistant Finance Director Michael Dolby, and City Secretary Martha Gillett. Lorie Doughty, Kathy Powell, Lee Ann Williams, Shelley W olny and Lorie Langelier were present from the Finance Department. Others Present: Auditor Tom Pederson of Null Lairson. 2. Discussion Items ~ Council to receive a presentation from the auditors. Tom Pederson provided the Audit Committee with an overview of the recent audit and future changes due to new legal requirements. Many changes will be implemented in auditing practices due to SAS 99. The auditors will be on site testing various areas and interviewing staff at all levels. There were no changes in the laws regarding to fraud. SAS 99 is being implemented due to situations such as Enron. Future audits will be stricter. Mr. Pederson noted the audit performed last year contained many management comments as a result of knowing SAS 99 was going to be implemented. Mr. Pederson requested the Committee and City Council comment on items to be included in the audit process and make suggestions areas to be covered in the audit. It was suggested that the auditing firm visit the City to provide reports and answer questions on a quarterly basis. 3. Committee Comments 4. Adjournment I