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February 6, 2004 <br />Page 4 of 5 <br />• Audit Administration Fees and Other <br />We understand that your employees will prepare all cash or other confirmations we <br />request and will locate any invoices selected by us for testing. <br />The workpapers for this engagement are the property of Kern, DeWenter, Viere, Ltd. and <br />constitute confidential information. However, we may be requested to make certain <br />workpapers available to oversight, regulatory or state agencies pursuant to authority <br />given to it by law or regulation. If requested, access to such workpapers will be provided <br />under the supervision of Kern, DeWenter, Viere, Ltd., personnel. Furthermore, upon <br />request, we may provide photocopies of selected workpapers to oversight, regulatory or <br />state agencies. The oversight, regulatory or state agencies may intend, or decide, to <br />distribute the photocopies or information contained therein to others, including other <br />governmental agencies. <br />Our fee for these services will be $ 14,500 for the year ended December 31, 2003, <br />$15,000 for the year ended December 31, 2004 and $15,500 for the year ended December <br />31, 2005. These fees are based on the understanding that the City will not significantly <br />change in activity or size during the course of the three years. Additional services will be <br />at our standard hourly rates which will vary according to the degree of responsibility <br />involved and the experience level of the personnel assigned. Our invoices for these fees <br />will be rendered each month as work progresses and are payable on presentation. The <br />above fee is based on anticipated cooperation from your personnel and the assumption <br />• that unexpected circumstances will not be encountered during the audit. If significant <br />additional time is necessary, we will discuss it with you and arrive at a new fee estimate <br />before we incur the additional costs. <br />Government Auditing Standards require that we provide you with a copy of our most <br />recent quality control review report. Our 2002 Peer Review Report accompanies this <br />letter. <br />We appreciate the opportunity to be of service to the City of Falcon Heights, Minnesota, <br />and believe this letter accurately summarizes the significant terms of our engagement. If <br />you have any questions, please let us know. If you agree with the terms of our <br />engagement as described in this letter, please sign the enclosed copy and return it to us. <br />Sincerely, <br />Kern, DeWenter, Viere, Ltd. <br />~- `y~ ,~-~-,~ <br />J fifer Tluenes <br />Certified Public Accountant <br />• <br />r~ <br />