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05-28-24-R
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05-28-24-R
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RESPONSIBILITIES OF MANAGEMENT FOR THE FINANCIAL STATEMENTS <br />Management is responsible for the preparation and fair presentation of these financial statements in <br />accordance with accounting principles generally accepted in the United States of America; and for the <br />design, implementation, and maintenance of internal control relevant to the preparation and fair <br />presentation of financial statements that are free from material misstatement, whether due to fraud or <br />error. <br />In preparing the financial statements, management is required to evaluate whether there are conditions or <br />events, considered in the aggregate, that raise substantial doubt about the City's ability to continue as a <br />going concern for 12 months beyond the financial statements date, including any currently known <br />information that may raise substantial doubt shortly thereafter. <br />AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS <br />Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are <br />free from material misstatement, whether due to fraud or error, and to issue an auditor's report that <br />includes our opinions. Reasonable assurance is a high level of assurance, but is not absolute assurance <br />and, therefore, is not a guarantee that an audit conducted in accordance with generally accepted auditing <br />standards and Government Auditing Standards will always detect a material misstatement when it exists. <br />The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting <br />from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the <br />override of internal control. Misstatements are considered material if there is a substantial likelihood that, <br />individually or in the aggregate, they would influence the judgement made by a reasonable user based on <br />the financial statements. <br />In performing an audit in accordance with generally accepted auditing standards and Government <br />Auditing Standards, we: <br />• Exercise professional judgment and maintain professional skepticism throughout the audit. <br />• Identify and assess the risks of material misstatement of the financial statements, whether due to <br />fraud or error, and design and perform audit procedures responsive to those risks. Such <br />procedures include examining, on a test basis, evidence regarding the amounts and disclosures in <br />the financial statements. <br />Obtain an understanding of internal control relevant to the audit in order to design audit <br />procedures that are appropriate in the circumstances, but not for the purpose of expressing an <br />opinion on the effectiveness of the City's internal control. Accordingly, no such opinion is <br />expressed. <br />• Evaluate the appropriateness of accounting policies used and the reasonableness of significant <br />accounting estimates made by management, as well as evaluate the overall presentation of the <br />financial statements. <br />Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, <br />that raise substantial doubt about the City's ability to continue as a going concern for a reasonable <br />period of time. <br />We are required to communicate with those charged with governance regarding, among other matters, the <br />planned scope and timing of the audit, significant audit findings, and certain internal control related <br />matters that we identified during the audit. <br />(continued) <br />-2- <br />
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