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AUDITOR'S RESPONSIBILITIES FOR THE AUDIT O%THE FINANCIAL SUTENIENTS Our objectives. are to obtain reasonable assurance about whether the financial statements as a whole are free from material. inisstatem.ent, whether flue to .fraud :or error, and to. issue an .auditor's report that includes our opinions, Reasonable assurance is a high level of assurance., but is notabsolute assurance and, therefore; is not a guarantee that an audit conducted -in accordance with generally arcepted.auditing standards and Government Auditing. Standards will always detect a material tnisstatemerit-whbn itexiists. The risk of not .detecting a material misstatement resulting from fraud is higher than for orie* tesulting fromerror; as. fraud. may, involve collusion, forgery, intentional omissions, misrepresentations; or the override of internal control. Misstatements are. considered material if there .is a substantial likelihood that, individuaIly.-or irr the aggregate, they would influence the judgement made by a reasonable.user. based on the financial statements. In performing an audit in gccordarice with generally accepted auditing -standards. and Government Auditing Standards, we: • E-xercise.professional judgment and maintain professional skepticism throughout the audit. • Identify and assess.'the risks .of material misstatement of the financial statements., whether due to fraud or error, and design and -porforni. audit procedures responsive to.those risks. Such proceedures include examining, An a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding. of internal control relevant- to -the audit in order :to design audit -procedures that .are appropriate in the circumstances, but not for 1-he- purpose. *of expressing an opinion on the effectiveness. of the City's internal control. Aecbrdingly, no such* opinion is expressed. • Evaluate the: appropriateness of accounting policies used and the reasonableness of significant accounting.: estimates made by (management, as. well. as evaluate .the overstl presentation of the financial statements. + Conclude whether, in our judgment, there are conditions. or events, considered in the aggregate, that raise. substantial doubt about the'City's ability to continue -as a going concern for a reasonable. period of time. We are required to. communicate with those charged with governance regarding, among other matters the planned scope and timing of fhe .audit, significant audit findings, and certain internal control relatetl matters -.that we identified during -the audit.. Required Supplementary Information Manageiiient :has omitted the management's discussion and analysis. that acbounting principles. generally accepted in. the United States of Amerb* require to be presented. to supplement the basic financial statements. -Such missing information, although not a part of the. basic financial statements, is required by the Governtnental Accounting .Standards Board, who considers it to be an essential part of financial reporting tot placing -the. basic f nancial statements in an appropriate operational, economic, or historical context. Our opinion on the basic financial.staternents is not affected by this missing information. (continued)t. -3-