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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 12 <br />Changes in accounting and audit standards <br />Standard setters and regulators continue to evaluate and modify standards. Such changes may result in new or <br />revised financial reporting and disclosure requirements or expand the nature, timing, and scope of the activities <br />we are required to perform. To the extent that the amount of time required to provide the services described in <br />this letter increases due to such changes, our fee may need to be adjusted. We will discuss such circumstances <br />with you prior to performing the additional work. <br />Other fees <br />You also agree to compensate us for any time and expenses, including time and expenses of legal counsel, we <br />may incur in responding to discovery requests or participating as a witness or otherwise in any legal, regulatory, <br />or other proceedings that we are asked to respond to on your behalf. <br />Finance charges and collection expenses <br />You agree that if any statement is not paid within 30 days from its billing date, the unpaid balance shall accrue <br />interest at the monthly rate of one and one‐quarter percent (1.25%), which is an annual percentage rate of 15%. <br />In the event that any collection action is required to collect unpaid balances due us, reasonable attorney fees <br />and expenses shall be recoverable. <br />Consent <br />Consent to use information for benchmarking analysis <br />In an effort to better serve the needs of our clients, we develop a variety of benchmark, performance indicator, <br />and predictive analysis reports, using anonymized client data obtained from our audit, tax, and other <br />engagements. Business and financial information that you provide to us may be combined with information <br />from other clients and included within the aggregated data that we use in these reports. While some of these <br />analytical reports will be published and released publicly, please be assured that the separate information that <br />we obtain from you will remain confidential, as required by the AICPA Code of Professional Conduct. <br />Subcontractors <br />CLA may, at times, use subcontractors to perform services under this agreement, and they may have access to <br />your information and records. Any such subcontractors will be subject to the same restrictions on the use of <br />such information and records as apply to CLA under this agreement. <br />Predecessor auditor communications <br />You agree to provide us permission to communicate with the predecessor auditor and to authorize the <br />predecessor auditor to respond fully to our inquiries regarding any matters that will assist us in finalizing our <br />engagement acceptance. You agree to authorize the predecessor to allow us to review their audit <br />documentation, thereby providing us with information to assist us in planning and performing the engagement. <br />You will be responsible for any fees billed by the predecessor auditor related to our review of their workpapers <br />and our inquiries. You further acknowledge that our final acceptance of the engagement is subject to the <br />completion of those inquiries and evaluation of the responses.
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