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City of Gem Lake Page 3 <br />May 20, 2022 <br /> <br /> <br />We have identified the following significant risks of material misstatement as part of our audit planning: <br /> <br />1) Management override of controls <br />2) Constructed capital asset additions <br />3) Segregation of duties <br /> <br />Areas identified during the planning process as having higher risks of material misstatement generally <br />impact the planned amount or precision of substantive audit evidence to be gathered in those areas, and/or <br />the relative experience of the audit staff assigned to perform or review the audit procedures for those areas. <br /> <br />During the course of the audit, if modifications are made to significant risks of material misstatement, we <br />will communicate them to you in writing. <br /> <br />We began our audit on February 14, 2022, and we expect to issue our report prior to June 30, 2022. <br />JamesH. Eichten, CPA, is the engagement partner and is responsible for supervising the engagement and <br />signing the report or authorizing another individual to sign it. <br /> <br />This information is intended solely for the use of the City Council and management of the City and is not <br />intended to be, and should not be, used by anyone other than these specified parties. <br /> <br />Sincerely, <br /> <br />MALLOY, MONTAGUE, KARNOWSKI, RADOSEVICH & CO., P.A. <br /> <br /> <br /> <br /> <br />James H. Eichten, CPA <br />Principal <br /> <br />JHE:wls