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AC 01-24-2022 PresentationsCity of Cupertino 6/30/2021 Audit Audit Committee Update January 25, 2022 Audit Update Crowe Exchange Request © 2022 Crowe LLP Year End Audit Update •Financial Statement Audit •Final testing substantially completed and in reporting phase. •Draft Report provided to management •Single Audit •Identification of 2 major programs –Coronavirus State and Local Fiscal Recovery Funds (CLFRF) and Highway Planning and Construction (HPC) •Pending guidance from US OMB released in December. •Procedures are underway © 2022 Crowe LLP Year End Audit Update •Investment AUP and GANN AUP •Procedures completed. •No findings noted. •Reports are being reviewed. © 2022 Crowe LLP Audit Timeline –Historical Reference Description Actual Timing Interim Crowe Exchange requests release May 13th Audit introduction meeting with Audit Committee May 24th Interim audit fieldwork (planning/controls/AUPs)June 7th week Interim status meeting with management June 7th week Interim status meeting with Audit Committee July 26th Year-End Crowe Exchange requests release August 13th © 2022 Crowe LLP Audit Timeline –Historical Reference Description Actual/Planned Timing Year-End audit fieldwork –Financial Statements and AUPs Weeks of September 6 and September 13, with follow-up on review comments/open items through the week of January 24, due to late release of PARS financial statements for OPEB and City actuary valuation Year-End audit fieldwork –Single Audit Week of January 10 with procedures on-going through the week of January 24 due to late release of Uniform Guidance Compliance Supplement Completion of data entry for State Comptroller’s Report Week of January 17 Presentation of drafts to Audit Committee February 24th Release of Annual Comprehensive Financial Report, Single Audit, SAS 114 letter and AUPs Week of March 7 Completion of data entry for Federal Data Collection Form Week of March 14 “Crowe” is the brand name under which the member firms of Crowe Global operate and provide professional services, and those firms together form the Crowe Global network of independent audit, tax, and consulting firms. “Crowe” may be used to refer to individual firms, to several such firms, or to all firms within the Crowe Global network. The Crowe Horwath Global Risk Consulting entities, Crowe Healthcare Risk Consulting LLC, and our affiliate in Grand Cayman are subsidiaries of Crowe LLP. Crowe LLP is an Indiana limited liability partnership and the U.S.member firm of Crowe Global. Services to clients are provided by the individual member firms of Crowe Global, but Crowe Global itself is a Swiss entity that does not provide services to clients. Each member firm is a separate legal entity responsible only for its own acts and omissions and not those of any other Crowe Global network firm or other party. Visit www.crowe.com/disclosure for more information about Crowe LLP, its subsidiaries, and Crowe Global. The information in this document is not –and is not intended to be –audit, tax, accounting, advisory, risk, performance, consulting, business, financial, investment, legal, or other professional advice. Some firm services may not be available to attest clients. The information is general in nature, based on existing authorities, and is subject to change. The information is not a substitute for professional advice or services, and you should consult a qualified professional adviser before taking any action based on the information. Crowe is not responsible for any loss incurred by any person who relies on the information discussed in this document. © 2022 Crowe LLP. Thank you