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C. Auditor's responsibilities <br />a We are responsible for conducting the audit in accordance with generally accepted <br />auditing skanda�ds. <br />The audit includes obtaining an understanding of internal control sufficient to plan the <br />audit and to determine the nature, timing, and extent of audit procedures to be performed. <br />D. Limitationson the engagement <br />� Standards require that t�e auditor obtain reasonable rather than absolute assurance about <br />whcther the financial statements arc free of material misstatement, whcther caused by <br />ermr or fraud. Accordingly, a material misstat�menl may remain undetected. Also, an <br />a�di� is not designed to detect erx'or or fraud that is immaterial to the financial statements. <br />o If, for any reason, the auditor is unable to complete the audit or is unable to form or has <br />not formed an opinion, he or she may decline to eapress an opinion or decline to issue a <br />report as a result of the engagement. <br />♦ An audit is not designed to provide assurance on internal control or to identify reportable <br />conditions. However, the auditor i s responsible for ensuring tha�: the audit committee is <br />aware of any r�partable conditions that come to our attention. <br />2. EngagementLetter <br />Refer to previously signed copy of engagement letter <br />3. Quality review report <br />Transmittal of the auditor's most recent quality control review report is required when perfor�raing <br />a Einaneial audit under the Governmental Auditing Standards. <br />4. Fees for services <br />Refer to request for proposal <br />5. Timing <br />A Interim work <br />�3, Detailedauditplan <br />Wc l�a�e provided the City with a list of all schedules and confirmations to be prepared. <br />C. Field work <br />We will complete fieldworkprior to Apri16`�', 2007 <br />D. E�t conference <br />An e�t conference will be held with the Finance Departmentto summarize the results of <br />the fieldworkand review significantfindingsby 7+�f$�4`�', 2007 <br />E. I3raf� rcpc�r#s <br />:�'; shall ha�o d��a�ft reports a�ailable for review by the city council by May 11 °i, 2007. <br />F. Report presecatation <br />A presentationat a City Council meetingwillbe made on May Zlst, 2007 <br />