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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 8 <br />auditors’ report. If the other information included in your annual report will not be available until after the date <br />of our auditors’ report on the financial statements, you agree to provide written representations indicating that <br />(1) the information is consistent with the financial statements, (2) the other information does not contain <br />material misstatements, and (3) the final version of the documents will be provided to us when available, and <br />prior to issuance of the annual report by the entity, so that we can complete the procedures required by <br />professional standards. Management agrees to correct material inconsistencies that we may identify. You agree <br />to include our auditors’ report in any document containing financial statements that indicates that such financial <br />statements have been audited by us. <br />Management is responsible for providing us with a written confirmation concerning representations made by <br />you and your staff to us in connection with the audit and the presentation of the basic financial statements and <br />RSI. During our engagement, we will request information and explanations from you regarding, among other <br />matters, the entity’s activities, internal control, future plans, specific transactions, and accounting systems and <br />procedures. The procedures we will perform during our engagement and the conclusions we reach as a basis for <br />our report will be heavily influenced by the representations that we receive in the representation letter and <br />otherwise from you. Accordingly, inaccurate, incomplete, or false representations could cause us to expend <br />unnecessary effort or could cause a material fraud or error to go undetected by our procedures. In view of the <br />foregoing, you agree that we shall not be responsible for any misstatements in the entity’s financial statements <br />that we may fail to detect as a result of misrepresentations made to us by you. <br />Management is responsible for establishing and maintaining a process for tracking the status of audit findings <br />and recommendations. Management is also responsible for identifying and providing report copies to us of <br />previous financial audits, attestation engagements, performance audits, or other studies related to the <br />objectives discussed in the “Audit objectives” section of this letter. This responsibility includes relaying to us <br />corrective actions taken to address significant findings and recommendations resulting from those audits, <br />attestation engagements, performance audits, or other engagements or studies. You are also responsible for <br />providing management’s views on our current findings, conclusions, and recommendations, as well as your <br />planned corrective actions for the report, and for the timing and format for providing that information. <br />Responsibilities and limitations related to nonaudit services <br />For all nonaudit services we may provide to you, management agrees to assume all management <br />responsibilities; oversee the services by designating an individual, preferably within senior management, who <br />possesses suitable skill, knowledge, and/or experience to understand and oversee the services; evaluate the <br />adequacy and results of the services; and accept responsibility for the results of the services. Management is <br />also responsible for ensuring that your data and records are complete and that you have received sufficient <br />information to oversee the services. <br />The responsibilities and limitations related to the nonaudit services performed as part of this engagement are as <br />follows: <br /> We will propose adjusting journal entries as needed. You will be required to review and approve those <br />entries and to understand the nature of the changes and their impact on the financial statements. <br /> We will prepare the Data Collection Form. Management is responsible to review for completeness and <br />accuracy before submitting to the Federal Audit Clearing House.
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