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C. Auditor's responsibilities <br />. We are responsible for conducting the audit in accordance with generally accepted <br />auditing standards. <br />� The audit includes obtaining an understanding of internal control sufficient to plan the <br />audit and to detei�mine the nature, timing, and extent of audit procedures to be performed. <br />i�, Limitations on the engagement <br />� Standards require that the auditor obtain reasonable rather than absolute assurance about <br />whether the financial statements are free of material misstatement, whether caused by <br />error or f raud. Accordingly, a material misstatement may remain undetected. Also, an <br />audit is not designed to detect error or fraud that is immaterial to the financial statements. <br />� If, f�r any reason, the auditor is unable to complete the audit or is unable to form or has <br />not torrned an opinion, he or she may decline to express an opinion or decline to issue a <br />reportas a result of the engagement. <br />. An audit is not designed to provide assurance on intemal control or to identify reportable <br />conditions. However, the auditor is responsible for ensuring that the audit committee is <br />aware of any reportable conditions that come to our attention. <br />2. Engagement�.e(ter <br />Refer to previously signed copy of engagement letter <br />3. Quality review report <br />Transmi€iG�� of the auditor's most recent quality control review report is required when performing <br />a finaneiai audit under the Go�vernrr�cnial Auditing Standards. <br />4. Fees for services <br />Refer to request for proposal <br />5. Timing <br />A Interim work <br />B. Detailed auditplan <br />Wc ha�e provided the City with a list of all schedules and confirmations to he prepared. <br />C. Field wo:�k <br />We will complete fieldwork prior to Apri16'�'> 2007 <br />D. Exit con Cerence <br />An exit conference will be held with the Finance Department to summarize the results of <br />the fieldworkand review significantfindings by May �"�, 2007 <br />E. Draft reports <br />��.��,= sliatl ha�e draf� reports available for review by the city council by May 1 I�', 2007. <br />F. Report presentation _ <br />A ��r�sentation at a City Council meeting will be made on May 21at, 2007 = <br />� <br />