November 2025 – Audit — 11-13-25 Audit Committee Meeting Packet

335 MONTGOMERY STREET, FLOOR 2M, SYRACUSE, NY 13202
                315.435.3770 • ECONOMICDEVELOPMENT@ONGOV.NET • ONGOVED.COM
                             Audit Committee Meeting Agenda
                                    November 13, 2025
Call to Order the Audit Committee Meeting
     A. Approval of Meeting Minutes: March 6, 2025
Action Items:
1.      Preliminary Audit Review for Fiscal Year 2025
        Representative: Michael G. Lisson, Grossman St. Amour CPAs
2.      Audit Committee Charter
        The Committee members will review the Committee’s Charter.
        Action Requested:
        a. A resolution of the Committee to transmit the Committee Charter with/without comment to
           the Governance Committee for review and recommendation to the Board.
Adjourn
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                              Audit Committee Meeting Minutes
                                       March 6, 2025
An Audit Committee meeting of the Onondaga County Industrial Development Agency was held on
Thursday, March 6, 2025, at 335 Montgomery Street, Floor 2M, Syracuse, New York.
Janice Herzog called the meeting to order at 8:31 AM with the following in attendance:
PRESENT:
Janice Herzog
Patrick Hogan
ABSENT:
Cydney Johnson

ALSO PRESENT:
Robert M. Petrovich, Executive Director
Nate Stevens, Treasurer
Alexis Rodriguez, Secretary
Robert Schoeneck, Assistant Treasurer
Amanda Fitzgerald, Esq., Counsel (via Zoom)
Mike Lisson, Auditor
Brianah Lane, Auditor
Gianna Quonce, Auditor
Approval of Meeting Minutes: October 10, 2024
Upon motion by Patrick Hogan, seconded by Janice Herzog, the meeting minutes of October 10,
2024 were approved. Motion was carried.
Action Items:
   1. 2024 Agency Audit
      Review and discuss the 2024 Audit of the Agency. Determine a recommendation to be made
      to the Agency Board.
       Mike Lisson presented a summary of the 2024 audit and noted the activity of the Agency. He
       stated that everything went extremely well and there were no significant issues to note.
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       Janice Herzog read the Agency action requested, “A resolution of the Committee’s
       recommendation to the Agency Board regarding the 2024 Audit of the Agency.” Motion was
       made by Patrick Hogan, seconded by Janice Herzog. Motion was carried.
Motion to adjourn was made by Patrick Hogan and seconded by Janice Herzog at 8:36 AM.
___________________________________
      Alexis Rodriguez, Secretary
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       Auditor’s Communication with Those
   Charged with Governance during planning

October 23, 2025
               Mike Lisson, CPA, CFE Partner
                    Bri Lane, CPA Supervisor

110 West Fayette Street, Suite 900
                            Syracuse, New York 13202      1
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                     315.424.1120 • www.gsacpas.com

AGENDA
 PROFESSIONAL STAFF
 RESPONSIBILITIES
 PLANNED SCOPE
 WHAT’S GOING ON IN THE ACCOUNTING AND REGULATORY
 WORLD
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PROFESSIONAL STAFF
 Audit Partners ‐ Mike Lisson, CPA, CITP & Mark Ciaralli, CPA, CFE
   Mark is the lead partner and is responsible for reviewing the audit. PAAA
    requires a change in partner once every 5 years (we rotated partners in
    2021)
   In addition, due to governmental auditing standards, we assign two
    partners to all of our governmental audits
  Contact Information:
     Mike (315) 701‐6430 / Mark (315)‐701‐6391
        mlisson@gsacpas.com / mciaralli@gsacpas.com
•   All staff assigned need to possess adequate professional competence
        All professionals must complete at least 80 hours of CPE to enhance
         professional proficiency and at least 24 hours must be specific to governmental
         areas every two years related to the audit
        Brianah Lane (Bri) – supervisor, will continue on the audit this year and has
         been working on the audit for 5+ years
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AUDITOR’s RESPONSIBILITIES
  Communicated through engagement letter
  We are responsible for conducting our audit in accordance with auditing standards generally
   accepted in the United States of America (AICPA); with government auditing standards
   (GAGAS); and the New York State Authorities Budget Office (ABO)
  We form and express an opinion over the financial statements prepared by management, with
   your oversight, about whether the financial statements are prepared, in all material respects,
   with GAAP (GASB). You have the ultimate responsibility for these financial statements.
  As a component unit of Onondaga County, your financial information is included in the
   County’s financials. The County’s independent auditors do not take responsibility for the
   financial information as they reference other auditors (GSA CPAs) in accordance with
   professional standards.
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AUDITOR’S RESPONSIBILITIES
  Identify and assess the risks of material misstatement of the financial statements, whether due
   to fraud or error, design and perform audit procedures responsive to those risks, and obtain
   audit evidence that is sufficient and appropriate to provide a basis for our opinion.
  Obtain an understanding of internal control relevant to the audit in order to design audit
   procedures that are appropriate in the circumstances, but not for the purpose of expressing an
   opinion on the effectiveness of OCIDA’s internal control.
  Evaluate the appropriateness of accounting policies used and the reasonableness of significant
   accounting estimates made by management, as well as evaluate the overall presentation of the
   financial statements, including the disclosures, and whether the financial statements represent
   the underlying transactions and events in a manner that achieves fair presentation.
  Conclude, based on the audit evidence obtained, whether there are conditions or events,
   considered in the aggregate, that raise substantial doubt of OCIDA’s ability to continue as a
   going concern for a reasonable period of time.
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MANAGEMENT’S RESPONSIBILITIES
  Communicated through engagement letter
  Preparation and fair presentation of the financial statements with GAAP
  Design, implementation, and maintenance of internal control relevant to the preparation
   and fair presentation of financial statements from material misstatement from:
    Errors
    Fraudulent financial reporting
    Misappropriation of assets
    Violations of laws, governmental regulations, grant agreements or contractual agreements
  Provide unrestricted access to all records, documentation and persons necessary to obtain
   audit evidence
  Identifying and ensuring compliance with laws and regulations applicable to the entity’s
   activities
  For adjusting financial statements to correct material misstatements and confirming to us
   in the management representation letter that uncorrected misstatements are immaterial,
   both individually and in the aggregate, to the financial statements as a whole
  For acceptance of nonattest services, including identifying the proper party to oversee
   nonattest work
  For maintaining adequate records, selecting and applying accounting principles, and
   safeguarding assets
  For the accuracy and completeness of all information provided
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PLANNED SCOPE
 Audit includes examining, on a test basis, evidence supporting the
 amounts and disclosures in the financial statements; therefore, our
 audit will involve judgment about the number of transactions to be
 examined and the areas to be tested.
 Our audit is designed to provide reasonable, but not absolute,
 assurance about whether the financial statements are free of material
 misstatement, whether due to error, fraudulent financial reporting,
 misappropriation of assets, or violations of laws or governmental
 regulations.
 There is always a risk that material misstatements may exist that may
 not be detected by us.
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PLANNED SCOPE (continued)
 We are required to obtain an understanding of your entity and its environment, including internal
  controls, to assess the risks of material misstatement of the financial statements and as a basis for
  designing the nature, timing, and extent of further audit procedures.

 Our audit is not designed to express an opinion or provide assurance on internal control over financial
  reporting or compliance with provisions of applicable laws, regulations, contracts, and agreements.
    Although we don’t express opinions over these, we will communicate our scope and results of that
     testing through a separate communication, titled: “Report on Internal Control over Financial Reporting
     and on Compliance and Other Matters based on an Audit of Financial Statements Performed in Accordance
     with Governmental Auditing Standards”
 Identification of significant risks
    Revenue recognition – Agency fees, most significant to date – Upstate Pathology Lab Ownership
     LLC, $1.1M Semiconductor Components Industries $1.5, White Pines Agency fees $1.1M
    Investment in real property
   A significant risk for our audit purposes are risks relating to amounts or disclosures in the financial
   statements that require special audit consideration because of the likelihood and magnitude of the
   potential misstatement. We consider certain factors to determine whether a risk is a significant risk.
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WHAT’S GOING ON IN THE
ACCOUNTING & REGULATORY WORLD
Accounting / Auditing
Auditing
   Audit Standards (AICPA / GAGAS)
     SAS 149, Special considerations – audits of group financial statements (including
      the work of component auditors and audits of referred‐to auditors) (applicable for
      fiscal ‘26)
   Governmental Accounting Standards (GASB)
     Risks and uncertainties disclosures issued December 23 (applicable for fiscal ‘25)
     Numerous ongoing GASB projects may impact OCIDA in future years
       Financial reporting model issued April ‘24 (applicable for fiscal ‘26)
       Revenue and expense recognition – exposure draft
       Accounting and financial reporting for subsequent events – exposure draft
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WHAT’S GOING ON IN THE ACCOUNTING &
REGULATORY WORLD (continued)
Regulatory
 I) NYS Comptroller
    No new audit reports issued since July 2022.
    OCIDA’s last audit (project approval and monitoring) from OSC was November
     2019
II) Authorities Budget Office (ABO)
    New policy guidance regulation 25‐01 issued 3/5/25, Freedom of Information Law
     (FOIL) and Open Meetings Law (OML) Requirements
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