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11-17-2021 Council Packet
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11-17-2021 Council Packet
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November 6, 2021 <br />City of Little Canada, Minnesota <br />Page 6 <br />Management’s responsibilities include the selection and application of accounting principles; recording and <br />reflecting all transactions in the financial statements; determining the reasonableness of significant accounting <br />estimates included in the financial statements; adjusting the financial statements to correct material <br />misstatements; and confirming to us in the management representation letter that the effects of any <br />uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period <br />presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. <br />In preparing the financial statements, management is required to evaluate whether there are conditions or <br />events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going <br />concern for 12 months beyond the financial statement date. <br />Management is responsible for compliance with applicable laws and regulations and the provisions of contracts <br />and grant agreements, including compliance with federal statutes, regulations, and the terms and conditions of <br />federal awards applicable to the entity’s federal programs. Your responsibilities also include identifying <br />significant contractor relationships in which the contractor has responsibility for program compliance and for <br />the accuracy and completeness of that information. <br />You are responsible for the design, implementation, and maintenance of effective internal control, including <br />internal control over compliance, relevant to the preparation and fair presentation of financial statements that <br />are free from material misstatement, whether due to fraud or error, including evaluating and monitoring <br />ongoing activities and safeguarding assets to help ensure that appropriate goals and objectives are met; and <br />that there is reasonable assurance that government programs are administered in compliance with compliance <br />requirements. <br />You are responsible for the design, implementation, and maintenance of internal controls to prevent and detect <br />fraud; assessing the risk that the financial statements may be materially misstated as a result of fraud; and for <br />informing us about all known or suspected fraud affecting the entity involving (1) management, (2) employees <br />who have significant roles in internal control, and (3) others where the fraud could have a material effect on the <br />financial statements. Your responsibilities include informing us of your knowledge of any allegations of fraud or <br />suspected fraud affecting the entity received in communications from employees, former employees, grantors, <br />regulators, or others. In addition, you are responsible for implementing systems designed to achieve compliance <br />with applicable laws and regulations and the provisions of contracts and grant agreements, including compliance <br />with federal statutes, regulations, and the terms and conditions of federal awards applicable to the entity’s <br />federal programs; identifying and ensuring that the entity complies with applicable laws, regulations, contracts, <br />and grant agreements, including compliance with federal statutes, regulations, and the terms and conditions of <br />federal awards applicable to the entity’s federal programs; and informing us of all instances of identified or <br />suspected noncompliance whose effects on the financial statements should be considered. <br />You are responsible for taking timely and appropriate steps to remedy any fraud and noncompliance with <br />provisions of laws, regulations, contracts, and grant agreements that we may report. Additionally, as required by <br />the Uniform Guidance, it is management’s responsibility to evaluate and monitor noncompliance with federal <br />statutes, regulations, and the terms and conditions of federal awards; take prompt action when instances of <br />noncompliance are identified, including noncompliance identified in audit findings; and to follow up and take <br />prompt corrective action on reported audit findings and to prepare a summary schedule of prior audit findings <br />and a corrective action plan. The summary schedule of prior audit findings should be available for our review <br />during preliminary fieldwork.
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