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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 3 <br /> <br />assets, which in our professional judgment prevent us from completing the audit or forming opinions on the <br />financial statements or an opinion on compliance, we retain the right to take any course of action permitted by <br />professional standards, including declining to express opinions or issue reports, or withdrawing from the <br />engagement. <br />As part of our audit, we will also perform the procedures and provide the report required by the Minnesota <br />Legal Compliance Audit Guide for Political Subdivisions. <br />Auditor responsibilities, procedures, and limitations <br />We will conduct our audit in accordance with U.S. GAAS and the standards for financial audits contained in <br />Government Auditing Standards. Those standards require that we plan and perform the audit to obtain <br />reasonable assurance about whether the basic financial statements as a whole are free from material <br />misstatement, whether due to fraud or error. An audit involves performing procedures to obtain sufficient <br />appropriate audit evidence about the amounts and disclosures in the basic financial statements. The procedures <br />selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of <br />the financial statements, whether due to fraud or error. An audit also includes evaluating the appropriateness of <br />accounting policies used and the reasonableness of significant accounting estimates made by management, as <br />well as evaluating the overall presentation of the basic financial statements. <br />There is an unavoidable risk, because of the inherent limitations of an audit, together with the inherent <br />limitations of internal control, that some material misstatements or noncompliance may not be detected, even <br />though the audit is properly planned and performed in accordance with U.S. GAAS, Government Auditing <br />Standards, and the Uniform Guidance. Because we will not perform a detailed examination of all transactions, <br />material misstatements, whether from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of <br />assets, or (4) violations of laws or governmental regulations that are attributable to the entity or to acts by <br />management or employees acting on behalf of the entity, may not be detected. Because the determination of <br />waste and abuse is subjective, Government Auditing Standards do not require auditors to perform specific <br />procedures to detect waste or abuse in financial audits nor do they expect auditors to provide reasonable <br />assurance of detecting waste or abuse. <br />In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental <br />regulations that do not have a direct and material effect on the financial statements or on major programs. <br />However, we will inform the appropriate level of management and those charged with governance of any <br />material errors, fraudulent financial reporting, or misappropriation of assets that come to our attention. We will <br />also inform the appropriate level of management and those charged with governance of any violations of laws <br />or governmental regulations that come to our attention, unless clearly inconsequential. We will include such <br />matters in the reports required for a single audit. <br />In making our risk assessments, we consider internal control relevant to the entity’s preparation and fair <br />presentation of the basic financial statements and compliance in order to design audit procedures that are <br />appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the <br />entity’s internal control. Tests of controls may be performed to test the effectiveness of certain controls that we <br />consider relevant to preventing and detecting fraud or errors that are material to the financial statements and <br />to preventing and detecting misstatements resulting from noncompliance with provisions of laws, regulations, <br />contracts, and grant agreements that have a material effect on the financial statements. Our tests, if performed,
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