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2007-06-27 CC
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2007-06-27 CC
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<br />R <br />U <br />o <br />o <br />n <br />L~~ <br />B <br />n <br />[ <br />,[ <br />I <br />I <br />10 <br />IB <br />Ie <br />Ie <br />~ <br />o <br />B <br />~ <br />~ <br /> <br />B <br />I <br /> <br /> <br />city. of Centerville <br />May 3, 2007 <br />Page Twenty-One <br /> <br />GASH Statement No. 47 - Accountingfor Termination Benefits <br /> <br />In general, Statement No. 47 is effective for financial statements for periods <br />termination benefits that affect defined benefit post employment benefits oth <br />implement Statement No. 47 simultaneously with Statement No. 45, Ace <br />for Post employment Benefits Other Than Pensions. The statement pro <br />and local governments that offer benefits such as early retirement in <br />involuntarily terminated. The statement requires that similar f1 <br />manner and is intended to enhance both the consistency ofr <br />financial statements. <br /> <br /> <br />if, <br />New Auditing Standards Related to Risk Assessment (SAS 104 - 11 <br /> <br />w we perform your annual financial <br /> <br />Four years ago, in the wake of the Enron scandal and 0 <br />legislation had a profound effect on both company <br />publicly traded companies and so most of our firm's clients <br /> <br />'e Sarbanes-Oxley Act. This <br />er, the law was applicable only to <br /> <br />Earlier this year, the standards-s <br />that rewrite many of the fundam <br />companies, these 'new stan <br /> <br />passed a sweeping set of new standards <br />t audit. less in scope than the rules for public <br />banes-oxIey, including new requirements that. <br /> <br />. <br /> <br />. <br /> <br />'ons, their business objectives and strategies, and the <br /> <br />. <br /> <br />The m.am <br />audit. We <br />process-those . <br />those who use the <br /> <br />dards strengthen and maintain the integrity of the independent financial statement <br />lieve that the new standards will benefit all stakeholders in the financial reporting <br />'on, those ofus who provide assurance on the reliability of that information, and <br />. . ons about your government. <br /> <br />Because these standards <br />standards require us to <br />result in higher audit fees. <br /> <br />level of performance, there will be changes to the way we perform audits. The new' <br />extensive procedures than we have in tile past. In many cases these new procedures will <br /> <br />The good news is that the new rules do not go into effect until next year, that is, the 2007 audit. Between now and then, our firm <br />will be investing significant resources to re-design our audit process and train our engagement teams so they are able to perform <br />their audits as effectively and efficiently as possible. <br /> <br />Over the coming months, as we develop our new audit approach, we will have more details about how that approach will affect <br />our audit clients. Going forward, your engagement partner will be working with you directly to communicate these changes and <br />pave the way for a smooth implementation of the new, higher standards. <br /> <br />952.835.9090 · Fax 952.835.3261 <br />www.aemopas.com <br />
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