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Agenda Item (IV-D-3)

Meeting12/4/2018 - Committee
Agenda ItemCommittee - Resources (IV-D-3)
Subject2017-2018 Independent Audit Report for the Riverside Community College District
College/DistrictDistrict
Funding N/A
Recommended ActionIt is recommended that the Board of Trustees receive the Riverside Community College District’s independent audit report for the year ended June 30, 2018 for the permanent file of the District.

Background Narrative:


In accordance with Education Code Section 84040(b), an independent audit of the District’s 2017-2018 financial statements was performed by Vavrinek, Trine, Day & Co., LLP Certified Public Accountants (VTD). A representative of the firm will be available to present the report. Results of the audit are summarized below.

• Auditor’s Opinion – The auditors have issued an unmodified opinion for the financial and State and Federal audit as of June 30, 2018, which is also known as a “clean” audit. Unmodified is the highest level of assurance the auditors can provide of the four available opinions. This opinion indicates the financial statements are presented fairly, in all material respects, in accordance with generally accepted accounting principles, and the District complied, in all material respects, with the types of compliance requirements that could have a direct and material effect on each of its major Federal and State programs.

• Audit Findings – There were no findings or questioned costs.

• Auditor’s Required Communication – In accordance with the U.S. Auditing Standards AU-C 260, at the conclusion of the audit engagement VTD is required to communicate information to the Board of Trustees regarding their responsibility under Generally Accepted Auditing Standards (GAAS). Attached for your information is the required communication.

• Management Recommendation Letter – Attached is VTD’s recommendation for strengthening internal controls and operating efficiency as it relates to cash collections.
Prepared By: Aaron Brown, Vice Chancellor, Business and Financial Services
 Melissa Elwood, Controller