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CCP 05-13-2002
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CCP 05-13-2002
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<br />. <br /> <br />. <br /> <br />. <br /> <br /> <br />City of Arden Hills <br />April 10, 2002 <br />Page Two <br /> <br />Accounting Estimates <br /> <br />Accounting estimates are an integral part of the combined financial statements prepared by management and are based on <br />management's knowledge and experience about past and current events and assumptions about future events. Certain accounting <br />estimates are particularly sensitive because of their significance to the general purpose financial statements and because of the <br />possibility that future events affecting them may differ significantly from those expected. The most significant estimate affecting <br />the financial statements was depreciation on fixed assets. <br /> <br />Management's estimate of depreciation is based on estimated useful lives of the assets. We evaluated the key factors and <br />assumptions used to develop this estimate in determining that it is reasonable in relation to the financial statements taken as a <br />whole. <br /> <br />Audit Adjustments <br /> <br />For purposes of this letter, professional standards define an audit adjustment as a proposed correction of the combined financial <br />statements that, in our judgment, may not have been detected except through our auditing procedures. An audit adjustment mayor <br />may not indicate matters that could have a significant effect on the City's financial reporting process (that is, cause future financial <br />statements to be materially misstated). In our judgment, none of the adjustments we proposed, whether recorded or unrecorded by <br />the City, either individually or in the aggregate, indicate matters that could have a significant effect on the City's financial <br />reporting process. <br /> <br />Disagreements with Management <br /> <br />For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to <br />our satisfaction, concerning a financial accounting, reporting or auditing matter that could be significant to the general purpose <br />financial statements or the auditors' report. We are pleased to report that no such disagreements arose during the course of our <br />audit. <br /> <br />Issues Discussed Prior to Retention of Independent Auditors <br /> <br />We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with <br />management each year prior to retention as the City's auditors, However, these discussions occurred in the normal course of our <br />professional relationship and our responses were not a condition to our retention, <br /> <br />Difficulties Encountered in Performing the Audit <br /> <br />We encountered no significant difficulties in dealing with management in performing our audit. <br />
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