Entrance Conference
Port of Seattle Entrance Conference August 2, 2011 Washington About Our Office State Auditor We independently serve the citizens of Washington by promoting accountability, Brian Sonntag fiscal integrity, openness in government and the efficient and effective use of public resources. Director of State and Local Audit Audit Chuck Pfeil State law requires our Office to examine the financial affairs of all local (360) 902-0366 governments. We consider several factors as we determine the frequency and Chuck.Pfeil type of audit to conduct. These include assessing the Port's annual revenues, @sao.wa.gov federal expenditures, significant issues found in prior audits, bond covenants and state laws and regulations. We also strive to meet any other audit needs Deputy Director expressed to us by local governments. Kelly Collins Investigations (360) 725-5359 We also investigate potential frauds reported to our Office and examine some Kelly.Collins citizen concerns. Local governments are required to immediately notify our Office @sao.wa.gov in the event of a known or suspected loss of public resources or other illegal activity. These notifications can be made on our website. We determine which Audit Manager citizen concerns we will look at based on their seriousness and our available Carol Ehlinger resources. (206) 615-0555 Support Services ehlingerc @sao.wa.gov We provide support services to local governments through technical assistance, comparative statistics, training, and tools to help prevent and detect a loss of public funds. Our website offers many resources, including a client HelpDesk that Audit Supervisor answers auditing and accounting questions. Tony Martinez (206) 296-1750 Your Audit martinea Based on preliminary planning and your audit needs, we will perform the following @sao.wa.gov audit for the fiscal year 2010: Accountability audit for the fiscal year 2010 Audit Lead Matt Lanier, CPA (206) 296-1751 lanierm @sao.wa.gov www.sao.wa.gov Twitter: @WAStateAuditor Audit Scope Accountability Audit Accountability audits examine financial records to evaluate whether public funds are handled properly and in compliance with laws and regulations. We consider whether the Port has effective internal controls in place to promote accountability and encourage sound financial management practices. Effective internal controls also prevent losses of public funds or detect them in a timely manner. Governments should continually evaluate internal controls to ensure they are effective and updated when necessary. Using a risk-based approach, our audit will evaluate accountability and compliance with state laws and regulations in the following areas: Procurement and contracting. General disbursements. Payroll. 3rd Party management agreements. Small contractors and suppliers program. Fisherman's Terminal. Safeguarding of assets. Land sales. Cash receipting. SAO Citizen Hotline Concern. Accountability Audit Report We expect to issue this report in November 2011 assuming there are no unforeseen delays. Reporting Levels for Audit Recommendations Findings Findings formally address issues in an audit report. You will be given the opportunity to respond to a finding, and this response, or synopsis of it, will be published in the audit report. Professional auditing standards define the issues we must report as findings with regard to noncompliance with a financial statement effect and internal controls over financial reporting. OMB Circular A-133 defines the issues we must report as findings with regards to non-compliance and internal controls over compliance with federal grants. Management Letters Management letters communicate less significant instances of noncompliance and make recommendations for strengthening internal controls. Management letters are referenced, but not included, in the audit report. Page | 2 Exit Items Exit items are less serious audit issues than a finding or management letter. These issues are informally communicated to you. Other Information Confidential Information Our Office is committed to protecting your confidential or sensitive information. Please notify us when you give us any documents, records, files, or data containing information that is covered by confidentiality or privacy laws, such as HIPAA. Audit Costs The cost of the audit is estimated to be approximately $83,500. Audit Staffing The following staff will assist on this audit: Ryan Donnell Expected Communications We will communicate any difficulties encountered or significant changes in our planned audit scope to Debbi Browning, Assistant Director of Accounting & Financial Services. Also, preliminary recommendations will be shared as they are developed. Please let us know if there are any recent events or transactions that we should consider. Page | 3
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