CC_Minutes_2008_0211 - Laserfiche WebLink

Home

R CF.1tTIFIED,PUBLIC ACCOUNTANT S City of Roseville Audit Entrance Conference February 11,2008 1. Terms of the Engagement A. Objective of the engagement • A report on the fair presentation of the basic financial statements in conformity with accounting principles generally accepted in the United States of America, with an "in relation to" opinion on the combining and individual fund financial statements and supporting schedules. • A report on compliance and on internal control over financial reporting based on an audit of financial statements performed in accordance with government auditing standards. • A report on compliance with Minnesota state laws and regulations • Our services will not include an audit in accordance with the single audit act which is required if the City expended over $500,000 of federal assistance funds during the year. • We will also provide a management report to communicate comments and recommendations as a result of the audit. Our management report will include the formal communications to the City Council. B. Management's responsibilities • Management is responsible for the entity's financial statements. • Management is responsible for establishing and maintaining effective internal control over financial reporting. • Management is responsible for identifying and ensuring that the entity complies with the laws and regulations applicable to its activities. • Management is responsible for making all financial records and related information available to the auditor. • At the conclusion of the engagement, management will provide the auditor with a letter that confirms certain. representations made during the audit. • Management is responsible for adjusting the financial statements to correct material misstatements and for affirming to the auditor in the representation letter that the effects of any uncorrected misstatements aggregated by the auditor during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole.