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01-13-2021 Council Packet
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01-13-2021 Council Packet
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January 6, 2021 <br />City of Little Canada <br />Page 2 <br /> <br />4. Schedule of expenditures of federal awards <br />Audit objectives <br />The objective of our audit is the expression of opinions about whether your basic financial statements are fairly <br />presented, in all material respects, in conformity with accounting principles generally accepted in the United <br />States of America (U.S. GAAP). Our audit will be conducted in accordance with auditing standards generally <br />accepted in the United States of America (U.S. GAAS) and the standards for financial audits contained in <br />Government Auditing Standards, issued by the Comptroller General of the United States, and will include tests of <br />your accounting records and other procedures we consider necessary to enable us to express such opinions. We <br />will apply certain limited procedures to the RSI in accordance with U.S. GAAS. However, we will not express an <br />opinion or provide any assurance on the RSI because the limited procedures do not provide us with sufficient <br />evidence to express an opinion or provide any assurance. We will also perform procedures to enable us to express <br />an opinion on whether the supplementary information (as identified above) other than RSI accompanying the <br />financial statements is fairly stated, in all material respects, in relation to the financial statements as a whole. <br />The objectives of our audit also include: <br /> Reporting on internal control over financial reporting and compliance with the provisions of laws, <br />regulations, contracts, and award agreements, noncompliance with which could have a material effect <br />on the financial statements in accordance with Government Auditing Standards. <br /> Reporting on internal control over compliance related to major programs and expressing an opinion (or <br />disclaimer of opinion) on compliance with federal statutes, regulations, and the terms and conditions of <br />federal awards that could have a direct and material effect on each major program in accordance with <br />the Uniform Guidance. <br />The Government Auditing Standards report on internal control over financial reporting and on compliance and <br />other matters will include a paragraph that states (1) that the purpose of the report is solely to describe the <br />scope of our testing of internal control and compliance and the result of that testing, and not to provide an <br />opinion on the effectiveness of the entity’s internal control or on compliance, and (2) that the report is an <br />integral part of an audit performed in accordance with Government Auditing Standards in considering the <br />entity’s internal control and compliance. The Uniform Guidance report on internal control over compliance will <br />include a paragraph that states that the purpose of the report on internal control over compliance is solely to <br />describe the scope of our testing of internal control over compliance and the result of that testing based on the <br />requirements of the Uniform Guidance. Both reports will state that the report is not suitable for any other <br />purpose. <br />We will issue written reports upon completion of our audit of your financial statements and compliance with <br />requirements applicable to major programs. We cannot provide assurance that unmodified opinions will be <br />expressed. Circumstances may arise in which it is necessary for us to modify our opinions, add an emphasis‐of‐ <br />matter or other‐matter paragraph(s), or withdraw from the engagement. If our opinions on the financial <br />statements or the single audit compliance opinion are other than unmodified, we will discuss the reasons with <br />you in advance. If circumstances occur related to the condition of your records, the availability of sufficient, <br />appropriate audit evidence, or the existence of a significant risk of material misstatement of the financial <br />statements or material noncompliance caused by error, fraudulent financial reporting, or misappropriation of
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