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CHUCK ENGELKEN, CHAIR 0@ L JOHN ZEMANEK <br /> Councilmember District 2 p Councilmember At -Large A <br /> Alternate Member 1 <br /> DARYL LEONARD v \ 1- m <br /> Councilmember District 3 JAY MARTIN <br /> Councilmember District 5 <br /> TOMMY MOSER Alternate Member 2 <br /> Councilmember District 4 <br /> MINUTES OF MEETING OF FISCAL AFFAIRS COMMITTEE <br /> AUGUST 2, 2011 <br /> The Fiscal Affairs Committee met on August 2, 2011, at 3:00 p.m. in the La Porte City Hall Council <br /> Chambers, 604 West Fairmont Parkway, La Porte, Texas, to consider the following items of business: <br /> 1. Call to Order <br /> Chairman Chuck Engelken called the meeting to order at 3:01 p.m. Committee Members present <br /> were Councilmember Tommy Moser; Councilmember Jay Martin, Alternate Member 2; and <br /> Councilmember John Zemanek, Alternate Member 1. Absent: Councilmember Daryl Leonard. <br /> Councilmember Dottie Kaminski was also present at the meeting. <br /> 2. Conduct interviews of Auditing Firms for Independent Auditor Services — M. Dolby <br /> The Fiscal Affairs Committee interviewed the following firms for independent auditor services: <br /> Null - Lairson, BKD, Weaver - Tidwell, Sandersen, Knox and Company, and Hereford, Lynch, Sellars <br /> and Kirkham. The firms were asked the following questions: <br /> 1. Size of firm; number of CPAs; number of CPAs with municipal experience; diversity of <br /> staff; and background of those assigned to the engagement. <br /> 2. Explain the testing of transactions for accounts receivable, cash, payroll and accounts <br /> payable. Explain some of the tests that auditors perform to ensure revenues and <br /> expenditures are accurate. <br /> 3. For how many municipalities has the firm performed a financial audit and expressed an <br /> independent auditor's opinion. <br /> 4. How will the firm handle audit staff and client conflicts, explaining the philosophy for <br /> issuing letters to management addressing significant deficiencies, material weaknesses <br /> and other control deficiencies. <br /> 5. Does the firm have a software program to assist the client in preparation of the CAFR? <br /> 6. Explain how GASB 54 affects the City of La Porte and what steps should be taken to <br /> implement the new standard. <br /> The committee took a break at 4:39 p.m. and reconvened at 4 :43 p.m. <br /> Interviews concluded at 5:40 p.m. <br /> Per Chairman Engelken, the recommendation of the Fiscal Affairs Committee is to contract with <br /> Null - Lairson as the auditing firm for independent auditing services. <br /> Page 1 of 2 <br /> August 2, 2011, Fiscal Affairs Committee Minutes <br />