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Diecember 9, 2015 City of Gem Lake Page 2 Audit. objectives The. objective .of our audit is the expression of opinions about whether your basic financial statements are fairly presented, in all material respec%Jn conformity with.ac66u6ting principles generally accepted. in the United States of America- (U.S. GAAP). Our audit. will be conducted in accordance with auditing standards generally accepted in the United.States of America (U.S. GAM)- and the standards for financial audits conta1ned In Government Auditing Standards, issued -by the..Comptroller Gerldral of the United States, and: will include tests of your accbunting records and other procedures we-corisider--necessary to enable us to.express such opinions.. We will apply certain limited. procedures to the R51 in -accordance with U.S. GARS. However, we wlll*not express an opinion or provlde-anrassurance-oh the RSI because the limited procedures do not provide us with silffldehfevidence to express an opinion or provide any assurance. We will also perform procedures to: enable us -to express an .opinion on whether the supplementary information (as identified above) otheir'tharr RSI accOmpanyingthe-financial statements is fairly stated, in all material respects, in relation to -the financial statements asa whole.. We will issue a written .report .upon completion of*ouraudit.of your financial statements. We -cannot provide assurance that.unnlodifled opinions'wiill be expressed. Circumstances may arise in which it is necessary for us to modify Our -opinions, add an emphasis-of-maftef oe other -matter paragraph(s), or withdraw from the engagement. if* our opinions are other than unmodified,. we will discuss the reasons with you in advance. If Circurrrstances occur related to the condition of your records, the.availab.ility of sufficient; appropriate audit evidence,.or the existence of a significant risk of .material misstaEement of the financial staterrients caused by error, fraudulent financial reporting, or misappropriation of assets, whicfr..in ou.r professional judgment present us from completing the audit or forming opinions. on the financial statements, we retain the right to take any course of action permitted .by .professional standards,. including decllrring to express opinions or issue a report, .or withdrawing from the engagement. We will also provide a report-l[Which -does not Include an. opinloCr) on internal control related. to the financial. statements and compliance with .the provisions 4-1aws, regulations, dontracts, and grant agreements, noncompliance with which could have a material effect .ore the financial statements as required :by Government Auditing Standards. The report on1riternal control and compliance. will, include a paragraph'that.:states that the purpose of the reportis solely to describe the scope of testing of internal control over financlal' reporting. and compliance, *and the result of that testing and not to provide an opinion on the effectiveness-of Internal control over financial reporting or on.corripliance and that the report is an integrq*1 part.of an audit performed in accordance with Government Auditing Standards In considering Internal control ovdr financial reporting and compliance: The paragraph will also state that the report: Is- not suitable for any other purpose. If during our audit we become aware that the.. entity is subject to an audit requlrement-that Ils not encompassed in the terms of this engagement, we will communicate to management and` hc.)Se charged with governance that an audit conducted in accordance with U.S. GAAS and the standards for financial audits contained in Government Auditing Standards may not satisfy the relevant legal, regulatory, or contractual requirements. As. part of our audit, we will also perform the procedures and provide the report required. by the Minnesota Legal-Compllance Audit Guide for PolItI61 Subdivislons: