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1999-12-08 Packet
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1999-12-08 Packet
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i City of Centerville <br /> November 11, 1999 <br /> rie Page Two <br /> Audit Procedures— General <br /> An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial <br /> statements; therefore, our audit will involve judgment about the number of transactions to be examined and the <br /> areas to be tested. We will plan and perform the audit to obtain reasonable rather than absolute assurance about <br /> whether the financial statements are free of material misstatement, whether caused by error or fraud. Because of <br /> the concept of reasonable assurance and because we will not perform a detailed examination of all transactions, <br /> there is a risk that a material misstatement may exist and not be detected by us. In addition, an audit is not <br /> designed to detect errors, fraud, or other illegal acts that are immaterial to the general purpose financial <br /> statements. However, we will inform you of any material errors and any fraud that comes to our attention. We <br /> will also inform you of any other illegal acts that come to our attention, unless clearly inconsequential. Our <br /> responsibility as auditors is limited to the period covered by our audit and does not extend to matters that might <br /> arise during any later periods for which we are not engaged as auditors. <br /> Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, <br /> and may include tests of the physical existence of inventories, and direct confirmation of receivables and certain <br /> other assets and liabilities by correspondence with selected individuals, creditors, and financial institutions. We <br /> will request written representations from your attorneys as part of the engagement, and they may bill you for <br /> responding to this inquiry. At the conclusion of our audit, we will also require certain written representations <br /> from you about the fmancial statements and related matters. <br /> Identifying and ensuring that the City complies with laws, regulations, contracts, and agreements is the <br /> responsibility of management. As part of obtaining reasonable assurance about whether the general purpose <br /> financial statements are free of material misstatement, we will perform tests of the City's compliance with <br /> applicable laws and regulations and the provisions of contracts and agreements. However, the objective of our <br /> audit will not be to provide an opinion on overall compliance and we will not express such an opinion. <br /> An audit of the general purpose financial statements performed in accordance with generally accepted auditing <br /> standards is not designed to determine whether the computer systems of the City are year 2000 compliant, or to <br /> provide any assurance on whether the City has addressed all of the affected systems on a timely basis. Further, we <br /> have no responsibility with regard to the systems of vendors, service providers, or any other third parties. These <br /> are responsibilities of the City's management. However, we may choose to communicate matters that come to our <br /> attention relating to the Year 2000 Issue. <br /> Audit Procedures — Internal Controls <br /> In planning and performing our audit, we will consider the internal control sufficient to plan the audit in order to <br /> determine the nature, timing, and extent of our auditing procedures for the purpose of expressing our opinion on <br /> the City's general purpose financial statements. <br /> We will obtain an understanding of the design of the relevant controls and whether they have been placed in <br /> operation, and we will assess control risk. Tests of controls may be performed to test the effectiveness of certain <br /> controls that we consider relevant to preventing and detecting errors and fraud that are material to the general <br /> purpose financial statements and to preventing and detecting misstatements resulting from illegal acts and other <br /> noncompliance matters that have a direct and material effect on the general purpose financial statements. Our <br /> tests, if performed, will be less in scope than would be necessary to render an opinion on internal control and, <br /> accordingly, no opinion will be expressed. <br />
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