2007_0409_packet - Laserfiche WebLink

Home

C:F C�T[F[F.=7 �'t'f��.l�: i� ��;i h' i �4 '�I 1' S City of Roseville Audit Planning Meeting Apri13,2007 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 fmancial statements and supporting schedules. 4 A report on compliance and on internal control over fmancial reportingbased on an audit of financial statements performed in accordance with government auditing standards. t A i•eport on compliance with Minnesota state laws and regulations o Our services will include an audit in accordance with the single audit act which is required because the City expended at least $500,000 of federal assistance funds during the year • W e will also provide a managementreport to communicate comments and recommendations as a result of the audit. Our managementreport will include the formal communications to the City Council. B. Management's responsibilities . Management is responsible far the entity's financial statements. • Management is responsi�le for establishingand maintainingeffective internal control over financial reporting. � Management is responsible for identifyingand 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. s At the conclusion of the engagement, management will provide the auditor with a letter that confirms certainrepresentationsmade duringthe audit. . Management is responsible for adjusting the financial statements to correct material misstatements and for affirmingto the auditar in the representationletter that the effects of any uncorrected misstatementsaggregated by the auditor during the current engagementand pertaining to the latestperiod presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole.