11-26-2003 Council Agenda - Laserfiche WebLink

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Tautges Redpath, Ltd. Certified Public Accountants and Consultants September 30, 2003 Mr. Joel Hanson, City Administrator City of Little Canada 515 Little Canada Road Little Canada, MN 55117 Dear Joel: Enclosed are two copies of our standard engagement letter for auditing services for the year ending December 31, 2003 for the City of Little Canada, Minnesota. This engagement letter is similar to last year's. The scope of services are as follows: • Audit the general purpose financial statements of the City of Little Canada, Minnesota as of and for the year ending December 31, 2003. An "in- relation -to" opinion on the combining, individual fund and account group financial statements. The statistical section will not be subjected to the auditing procedures applied in our audit of the general purpose financial statements. We understand that the financial statements will be presented in accordance with the financial reporting model in effect prior to that described in GASB Statement No. 34. • State of Minnesota Legal Compliance Audit. • Preparation of separate Audit Management Letter. (optional, the City chose to not have a management letter prepared for 2002.) • Preparation, copying and binding of the Annual Financial Report For the 2003 audit, there are two significant scope changes — GASB No. 34 and the requirements of the new audit standard — SAS No. 99 Consideration of Fraud in a financial statement audit. We understand the City will not be implementing GASB 34 until the year ending December 31, 2004. SAS 99 In a continuing effort to improve audit quality and meet public expectations, the professional standards for audit engagements have changed. Auditors are now required to perform new, substantial audit procedures alined at detecting material misstatements caused by fraud. 4810 White Bear Parkway, White Bear Lake, Minnesota 55110, USA Telephone: 651 426 7000 Fax: 651 42.6 5004 RLAaung s Redpalh. ':[d. is a member of Inrernationa1. A worldxlde organisation of _ 2 _ n lions and business advisers.