CC_Minutes_2008_0211 - Laserfiche WebLink

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• Disageements All instances, including those that have been satisfactorily resolved, in which the auditor and management disagreed about matters that, individually or in the aggegate, could be significant to the entity's financial statements or the auditor's report. • Opinion shopping The auditor must discuss matters that were the subject of management's consultation with other auditors. s Prior to retention issues The auditor must discuss major issues that management discussed with the auditor in connection with the retention of the auditor, including the application of accounting principles and auditing standards. • Difficulties Any serious difficulties the auditor encountered in dealing with management such as unreasonable delays in providing needed information, unreasonable timetable set by management, or unavailability of client personnel. 7. Discussion of prior year findings and recornmendations in the 2006 financial and management report A. Employee Recognition Events /Purchases The City redesigned its employee recognition events during 2007 to be in compliance with State Statutes B. Payment of Invoices within 35 days The City has reviewed its internal payment authorization process and made changes in 2007 to prevent future occurrences of this finding C. Claims Declazation for Electronic Transfers The City i working towards amending State Statues in a manner that would accommodate the use of electronic payment processing 8. New Statement on Auditing Standazds (SAS Suite) A. Eight new auditing standards B. More in-depth understanding of the entity and its environment, including its internal controls C. More rigorous assessment of risks of material misstatements based on that understanding D. Improved linkage between the assessed risks and the nature, timing, and extent of audit procedures E. Increased level of reporting of internal control findings and deficiencies