Audit 08-30-07 City of Cupertino
Audit Committee
Regular Meeting
August 30, 2007
1. CALL TO ORDER
At 4:06 p.m., David Woo called the meeting to order at Cupertino City Hall, Conference
Room A, 10300 Torre Avenue, Cupertino.
2. ROLL CALL
Community Members: Garrett Wade, Stanley Stemkoski
City Council: Orrin Mahoney, Dolly Sandoval
City Staff: David Woo. Carol Atwood joined the meeting at 4:30 p.m.
Absent: Myoung Kang
3. INTRODUCTION OF NEW MEMBER
Stanley Stemkoski was introduced.
4. APPROVAL OF MINUTES
Wade moved to approve the minutes of the regular meeting of April 5, 2007. Sandoval
seconded and motion passed unanimously with Kang absent.
5. ORAL COMMUNICATIONS
None
6. WRITTEN COMMUNICATIONS
None
7. NEW BUSINESS
A. Audit Contract
Woo reported that Maze and Associates is currently in the last year of their
contract. They have been with the City for eight years. The City could go out and
bid for a new auditor or renew the current contract. Sandoval suggested renewing
for now but looking at other firms after they complete ten years. She also
suggested that the auditor set aside time to meet with the Committee without staff
present. Wade suggested renewing the contract but rotate to a new partner. The
Committee authorized negotiating a renewal of up to two years.
B. Audit Status and Preliminary Findings from Interim Audit
Woo reviewed the Accounting Issues Memorandum from Maze and Associates
and discussed, with the Committee, findings related to wire transfers, bank
reconciliations, cash disbursement testing and reporting on blight in the
redevelopment area. Wire transfer controls were talked about.
August 30, 2007 Audit Committee Minutes Page 2
C. Committee Role in Audits
Woo disclosed that two upcoming Statements of Auditing Standards define new
reporting requirements of the auditors with the Committee.
D. June Investment ReportBudget Update
The July 2007 Treasurer Investment and Budget Report including a June 2007
status report on General Fund Revenues and Expenditures was discussed by Woo.
Recent news in the investment markets, year-end results in revenues and surpluses
and major capital project spending needs were talked about.
E. Confirm Meeting Schedule for Remainder of 2007
The committee concurred to meet on October 11, 2007 and January 10, 2008.
F. Other Committee Updates/Reports
None.
6. OLD BUSINESS
None.
7. ADJOURNMENT
The meeting was adjourned at 5:05 p.m.
David Woo, City Staff