Laserfiche WebLink
<br /> <br />City ofCenterville <br />October 12, 2007 <br />Page Two <br /> <br />Management ~nsibiUties <br /> <br />Management is responsible for establishing and maintaining internal controls, including monitoring ongoing activities; for the <br />selection and application of accounting principles; and for the fiUr presentation in the financial statements of the respective <br />financial position of the governmental activities, thC business-type activities, the888fC8ate discretely presented component units, <br />each major fund, and the aggregate remaining fund information of the City and the respective changes in financial position and <br />where applicable, cash :flows, in conformity with accounting principles generally accepted in the United States of ~erica. <br />Management is responsible for the basic financial statements and all accompanying information as well as all representations <br />contained therein. You are also responsible for management decisions and functions; for designating an individual with suitable <br />skill, knowledge, or experience to oversee our financial statement preparation services and any other nonattest services we <br />provide; and for evaluating the adequacy and results of those services and accepting responsibility for them. <br /> <br />Management is responsible for making all financial records and related information available to us and for the accuracy and <br />completeness of that information. Management is responsible for adjusting the financial statements to correct material <br />misstatements and for confirming to us in the representation letter that the effects of any uncorrected misstatements aggregated by <br />us during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the <br />aggregate, to the financial statements taken as a whole. <br /> <br />You are responsible. for the design and implementation of programs and controls to prevent and detect fraud, and for informing us <br />about all known or suspected fraud or illegal acts affecting the government involving (1) management, (2) employees who have <br />significant roles in internal control, and (3) others where the fraud or illegal acts could have a material effect on the financial <br />statements. Your responsibilities include informing us of your knowledge of any allegations of:fraud or suspected :fraud affecting <br />the government received in communications from employees, former employees, regulators, or others. In addition, you are <br />responsible for identifying and ensuring that the entity complies with applicable laws and regulations. <br /> <br />We will prepare a genera1ledger trial balance for use during the audit. Our preparation ofthS trial balance will be limited to <br />formatting information in the genera1ledger into a working trial balance. As part of the audit we will prepare a draft of your <br />financial statements and related notes. We will also use the financial statements to complete the Office of the State Auditors' City <br />Reporting Form. You will be required to review and approve those financial statements and forms prior to their issuance and <br />have a responsibility to be in a position in fact and appearance to make an informed judgment on those financial statements and <br />forms. Further you are required to designate a qualified management-level individual to be responsible and accountable for <br />overseeing our services. <br /> <br />2007 ALG-CL-l.l: Audit Engagement Letter-Standard <br /> <br />~909iJ. '.&~*1 <br />lMY;&emepa.e8Iit <br /> <br />/4 <br />