Advisory Board: Abandoned Vehicle Abatement Authority
Subject: Independent Audit Report
Presenter: Victoria Isip
Information:
As stated in the CHP Handbook, Chapter 1 General Information Section 9350.7 VC was amended in 2008 to include a fiscal year-end report to the SCO. It also included a start date of January 1, 2010 of a biannual financial audit of the service authority conducted by a qualified independent third party.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. Some of the important auditing procedures include:
• Evaluating and understanding internal control systems
• Performing analytical procedures on expected and unexpected variances in account balances
• Testing documentation supporting account balances or classes of transactions
• Offer objective advice for improving financial reporting and internal controls to maximize efficiency
Since there are no areas of fiscal concern as per the audit report, Staff recommends the Board of Directors accept the Independent Audit Reports years ended June 30, 2023 and 2024 “Memorandum on Internal Control and Required Communications and “Basic Financial Statements years ended June 30, 2023 and 2024.”