CC 09-04-2024 Item No. 5. Audit Committee Annual Report_PresentationCity Council
Audit Committee
September 4, 2024
CC 09-04-2024 Item No. 5
Who Are We
Eno Schmidt, Chair Sheila Mohan, Vice Chair
Angela Chen Hanyan Wu Hung Wei
Staff Liaisons
Jonathan Orozco Janet Liang
Powers & Functions
The powers and functions of the Audit Committee shall be as follows
(also see Municipal Code 2.88.100 Powers and Functions):
A. To review the annual audit report and management letter;
B. To recommend appointment of auditors;
C. To review the Quarterly Treasurer’s investment report;
D. To recommend a budget format;
E. To review City investment policies and internal controls of such
policies;
F. To recommend appointment of internal auditors;
G. To review internal audit reports;
H. To review quarterly Fraud, Waste, and Abuse Program reports.
What We’ve Done
•Recurring Items
•Quarterly Investment Report
•OPEB & Pension Trust Performance Report
•Internal Audit & Fraud, Waste and Abuse Update
What We’ve Done
•Reviewed and forwarded to City Council for Approval
•City Investment Policy
•FY 22-23 Annual Comprehensive Financial Report (ACFR)
•FY 24-25 Internal Audit Workplan
•Grants Management Internal Controls Review
•Special Revenue Fund Process Review
•Recommendation Validation Process Establishment
•Ongoing Internal Audit Services
•Enterprise Risk Assessment
What We Plan on Doing
•Review and forward to City Council for Approval
•OPEB & Pension Trust Investment Policies
•Agreed Upon Procedures (AUP)
•GANN Limit
•Investment Policy
•Storm Drain
•FY 23-24 ACFR
•Provide input on Credit Card AUP
•Budget Format Review
Related Links
Audit Committee:
https://www.cuper
tino.org/our-
city/committees/a
udit-committee
Budget & Reports:
https://www.cupertin
o.org/our-
city/departments/fin
ance/budget-reports
Internal Audit:
https://www.cuper
tino.org/our-
city/departments/f
inance/internal-
audit
Thank you!