Aug 20, 2026BoardMeeting
BoardSuffolk County Water Authority Audit Committee Audit Committee Meeting
The meeting featured a presentation by KPMG regarding the audit plan and strategy for the fiscal year ending May 31, 2026, which includes financial statements, internal controls, and federal compliance audits. Key discussion areas included management's assessment of fraud risks, significant audit findings, and a financial summary memo detailing performance against budget projections for the fiscal year. The auditors identified management override of controls as a primary risk area and reviewed significant accounting estimates related to pensions, OPEB liabilities, and investments.