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TO: |
Audit Committee |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
William Greene, CFO |
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PRESENTER(S): |
Troy Bingham, Comptroller |
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Scott Nickerson, CPA, Partner at Crowe LLP |
TITLE:
title
2021 UTA Annual Comprehensive Financial Report (ACFR) and National Transit Database (NTD) Agreed Upon Procedure Report
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AGENDA ITEM TYPE:
Audit - Approval
RECOMMENDATION:
Review and recommend for approval the 2021 UTA Financial Audit Report and National Transit Database Agreed Upon Procedure Report for the Board of Trustees of the Utah Transit Authority at their July 13th meeting.
BACKGROUND:
Provisions within the Public Transit District Act, 17B-2a-808.1(2)(p), UTA’s By-Laws, Article VII, Section 6, and the Board of Trustee Policy 2.1, Financial Management, all require the use of a qualified independent auditing firm to conduct an annual financial audit and to present the results of their annual audit to the UTA’s Audit Committee and the Board of Trustees.
Crowe LLP was selected to conduct the 2021 financial audit and NTD agreed upon procedures. They have completed the required reports and will present their results to UTA’s Audit Committee.
DISCUSSION:
Representatives from Crowe LLP will present their reports which will cover the purpose and scope of the financial audit, required communications with the Audit Committee, and results of their audit and compliance work.
Upon acceptance, UTA staff will submit the 2021 Annual Comprehensive Financial Report (“ACFR”) to the Government Finance Officers Association’s Certificate of Excellence in Financial Reporting program.
ALTERNATIVES:
The audit committee may seek additional information and delay acceptance of the 2021 UTA Financial Audit Report.
FISCAL IMPACT:
N/A
ATTACHMENTS:
1) 2021 Letter to the Audit Committee
2) 2021 ACFR which includes the Annual Comprehensive Financial Report, the Single Audit Report, and the Utah State Compliance Report
3) 2021 NTD Agreed Upon Procedure Report