HomeMy WebLinkAbout05 15 2023 2022 Prior Lake Audit PresentationCity of PRIOR LAKE
Audit Report
Year Ended December 31, 2022
James H. Eichten, CPA
1
Opinion on Financial Statements
Financial statements are fairly presented in accordance with accounting principles generally accepted in the United States of America
Testing of Internal Controls and Compliance
Internal controls over financial reporting
Compliance with laws and regulations related to financial reporting
Auditor’s Role
2
Minnesota Legal Compliance Audit
Compliance with Minnesota State Laws and Regulations
Single Audit of Federal Awards
Not Required for Fiscal 2022
Alternative Compliance Examination Engagement
Examination of Coronavirus State and Local Fiscal Recovery Fund (CSLFRF) Spending
Auditor’s Role
3
Audit Summary
Planned scope and timing of audit
Audit opinions and findings
Management Report
4
Financial Report
Unmodified or Clean Opinion
Implementation of GASB #87 Leases
Internal Controls Over Financial Reporting
No Findings
Legal Compliance Audit Findings
No Findings
Alternative Compliance Examination Engagement
No Findings
Audit opinions and findings
5
Audit Summary
Governmental Funds Overview
Management Report (cont.)
6
Management Report (cont.)
7
Management Report (cont.)
8
Management Report (cont.)
9
Management Report (cont.)
10
Management Report (cont.)
11
Management Report (cont.)
12
Management Report (cont.)
Audit Summary
Governmental Funds Overview
Enterprise Funds Overview
13
Management Report (cont.)
14
Management Report (cont.)
15
Management Report (cont.)
16
Management Report (cont.)
17
Audit Summary
Governmental Funds Overview
Enterprise Funds Overview
Accounting and Auditing Updates
Management report (cont.)
18
Clean Opinion on Financial Statements
Implementation of GASB #87 Leases
No Findings Reported
Improved Governmental Fund Financial Results
Improved Enterprise Fund Financial Results
Audit Process Completed as Planned
summary
19