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CITY OF FALCON HEIGI~iTS <br />Ramsey County, Minnesota • <br />REPORTABLE CONDITION <br />Year Ended December 31, 2003 <br />Lack of Segregation of Accounting Duties <br />During our audit we noted a condition which is considered to be a "reportable condition" as <br />defined by standards established by the American Institute of Certified Public Accountants. <br />During the year ended December 31, 2003, the City had a lack of segregation of accounting <br />duties due to a limited number of office employees. <br />Management is aware of this condition and has taken certain steps to compensate for the lack of <br />segregation but due to the small staff needed to handle all of the accounting duties, the costs of <br />obtaining desirable segregation of accounting duties can often exceed benefits which could be <br />derived. However, the City Council and management must remain aware of this situation and <br />should continually monitor the accounting system, including changes that occur. <br />Although we consider this to be a reportable condition, we do not feel it is a material weakness. <br />• <br /> <br />9 <br />