2007_0416_packet - Laserfiche WebLink

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� F M1�C ��' y� �} ��la Fi�.�� A�.LJ�1f�' I�Ah'T� City of itpsevitle Audit Planning Meeting Apri13,2007 1. 'Terms of the Engagement A. Objective of the engagement r 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. p A report on compliance and on internal control over financial reporting based on an audit of fmancial statements performed in accordance wit�h governmentauditing standards. o A report on compliance with Minnesota state laws and regulations � 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 recommendationsas a result of the audit. Our management report will include the formal communications to the City Council. �3, Management's responsibilities . Management is responsible far the entity's financial statements. � Managementisresponsibleforestablishingandmaintainingeffectiveinternalcontrol over financial reporting. +� Management is responsible for identifying and ensuringthat 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 conclusivn of the engagement, managementwill provide the auditor with a letter that confirms certain representationsmade during the audit. . Managementis responsible for adjusting the financial statements to correct material misstatementsand for affirmingto the auditor in the representationletter thatthe effects — of any uncorrected misstatements aggregated by the auditor during the current engagement and pertainingto the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole.