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Eide <br />'cemfiea F <br />Helmeke & Co. <br />'ublic Accountants & Consultants <br />Honara6le Mayor aad <br />mbezs of the City Council <br />y; of Hosevilla, tfinnesota <br />FORM P I <br />have audited the general purpose finaacial statements of the city of <br />eville, &oseville, Hinaesota, for ehe year ended Decem6er 31, 1991, aad have <br />ued 'aur report thereon dated March 25, 1992. <br />:onducted our audits in accordance vith generally accepted suditiag staadards; <br />ernment Auditing Standards, issued by ths Comptroller General of the Vnited <br />tes. Those standards require that cre plan and perform the assdit to obtain <br />soaable assaraace about ahether the finaacial statements are free of material <br />statemeat. <br />planning and performing aur audits for the qear ended December 31, 1991, ve <br />sidered the city's internal control stzucture in ordar to determine our <br />i'ting procedures for the purpose of expressing our opinions on the city's <br />sncial'statements aad aot, to provide assuraace on the interaal control <br />��..u....���. <br />The'management of Hoseville, Hinaesata is responsible For establishing and <br />maintaining an inteznal coacrol structure. Ia fulfilling this respoasibility, <br />estimates`and judgments by maaagement ara required to assess tha ezpected <br />benefits aad related costs of internal control structure policies aad procedures. <br />The-objectives'of an intaraal aontrol structura are to provide managemenc with <br />reasanable,'but not absalute, assuraace that assats are safeguarded against loss <br />from uaauthorized use or disposition, that eraasactions are executed in <br />accordance`vith management's authorization aad recorded properly to permit the <br />preparacian of general-purpase financial statements in accordance caith generally <br />accepted accounting priaciples. Because of inherent limitations in any internal <br />control structure, errors, izzegularities, or instances for aoncompliance may <br />neverthaless occur aad aot be decactad. Also, projection o£ aay evaluation of <br />the scructure to future periods is subject to the risk that procedures may become <br />inadaquate because of changes in coaditions or that the effectiveness of the <br />design aad operatian of policies and procedures may deteriorace. <br />For the purpose of this report, we have classified the significanc iateznal <br />control structure policies aad procedures in the falloving categories: <br />Ciey Cycles and Segments <br />i-8eveaua <br />♦ Raceipts <br />•`Exp�nditures/ezpense <br />♦ Financing <br />♦ Financial reporting <br />108 <br />