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�F.k�T=k'C��.'� �}�]B]_f� <br />,� C: � €� 1..,' � '�' ,� �+ 'I' S <br />City of �Rosev�lle <br />Audit Planning Meeting <br />Apri13,2007 <br />1. Terms of the Engagement <br />A. Objective of the engagement <br />+► A report on the fair presentation of the basic financial statemerats in conformity with <br />accounting principles generally accepted in the United States of America, with an "in <br />relation to" opinion on the combining and individual fund financial statements and <br />supporting schedules. <br />+ A report on compliance and on internal control over financial reporting based on an audit <br />of financial statements performed in accordance with government auditing standards. <br />� A�e�oiton compliance with Minnesota state laws and regulations <br />� Our services will include an audit in accordance with the single audit act whichis <br />required because the City eapended at least $500,000 of federal assistance funds during <br />the year. <br />. We will also provide a managementreport to communicate comments and <br />recommendations as a result of the audit. Our managementreport will include the formal <br />communications to the City Council. <br />B. Management's responsibilities <br />� Management is responsible for the entity's financial statements. <br />s Managementis responsibleforestablishingand maintainingeffective internalcontrol <br />over financial reporting. <br />► Management is responsible for identifyingand ensuring that the entity complies with the <br />laws and regulations applicable to its activities. <br />• Management is responsible for making all financial records and related information <br />a�ailable to the auditor. <br />s At the conclusion of the engagement, management will provide the auditor with a letter <br />that confirms certain representations made during the audit. <br />. Management is responsible for adjusting CEl� financial statements to correct material <br />misstatements and for affirmingto the auditor in the representation letter that the effects <br />of �n�� uncorrected misstatementsaggregatedby the auditor during the current <br />engagementand pertainingto the latestperiod presentedare immaterial, bq�lt individually <br />and in the aggregate, lo the financial statements taken as a whole. <br />