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HLB <br />Tautges Redpath, Ltd. <br />Certified Public Accountants and Consultants <br />To the Board of Commissioners of the <br />Vadnais Lake Area Water Management Organization <br />White Bear Lake, Minnesota <br />We have completed our financial audits of the Vadnais Lake Area Water Management <br />Organization for the years ended December 31, 2001 and 2002. In conjunction therewith, we are <br />communicating certain management information relevant to municipal finances in Minnesota and <br />new accounting standards that will affect Water Management Organizations. <br />MANAGEMENT INFORMATION <br />New Fraud Standard — SAS 99 <br />Statement on Auditing Standards (SAS) 99, Consideration of Fraud in a Financial <br />Statement Audit, has been issued and will be required for audits of periods beginning on or after <br />December 15, 2002. <br />SAS 99 does not change the auditor's responsibility to obtain reasonable assurance that the <br />financial statements are free of material misstatement, including material misstatement due to <br />fraud. The reason the new SAS was issued was to increase the likelihood that the auditor will <br />detect material misstatement in the financial statements due to fraud by increasing the amount <br />and nature of required procedures. <br />White Bear Lake Office: 4810 White Bear Parkway, White Bear Lake, MN 55110, USA Telephone: 651 426 7000 Fax: 651 426 5004 <br />Hastings Ofce:1303 South Frontage Road, Suite 13, Hastings, MN 55033, USA Telephone: 651 480 4990 Fax: 651 426 5004 <br />HLB Tautges Redpath, Ltd. is a member of tiro International. A world-wide organization of accounting firms and business advisors. <br />