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Vadnais Lake Area Water <br />Management Organization <br />Management Information <br />Significant Audit Adjustments <br />Our audit of the 2001 and 2002 fmancial statements resulted in no audit adjustments which <br />we considered significant enough to be recorded by the Vadnais Lake Area Water Management <br />Organization to prevent the financial statements from being misleading. All audit adjustments <br />posted have been communicated to and approved by the Vadnais Lake Area Water Management <br />Organization management. <br />Other Items <br />Statement on Auditing Standards No. 61 also requires communications to the committee in <br />the following areas: <br />• Accounting estimates and management judgments <br />• Other information in documents containing audited financial statements <br />• Disagreements with management <br />• Consultations with other accountants <br />• Major issues discussed with management <br />• Difficulties encountered in performing the audit <br />During our audit, we did not encounter any circumstances and we are unaware of any items <br />in any of these areas which require discussion with those who have responsibility for oversight of <br />the financial reporting process. <br />6 <br />