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VLAWMO Annual Financial Report 2009
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VLAWMO Annual Financial Report 2009
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Finance Dept
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Audit
Finance Number Identifier
VLAWMO Annual Financial Report 2009
Date
12/31/2009
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Vadnais Lake Area Water Management Organization <br />March 24, 2010 <br />Page 6 <br />Difficulties Encountered in Performing the Audit <br />We encountered no significant difficulties in dealing with management in performing our audit. <br />Corrected and Uncorrected Misstatements <br />Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those <br />that are trivial, and communicate them to the appropriate level of management. Management has corrected all such misstatements. <br />During our audit, adjustments were needed to correct beginning balances, record accounts receivable, record accounts payable, <br />record interest revenue and other miscellaneous entries. <br />Disagreements with Management <br />For purposes of this letter, professional standards define a disagreement with management as a financial accounting, reporting, or <br />auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor's <br />report. We are pleased to report that no such disagreements arose during the course of our audit. <br />Management Representations <br />We have requested certain representations from management that are included in the management representation letter dated <br />March 24, 2010. <br />Management Consultations with Other Independent Accountants <br />In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to <br />obtaining a "second opinion" on certain situations. If a consultation involves application of an accounting principle to the <br />Organization's financial statements or a determination of the type of auditor's opinion that may be expressed on those statements, <br />our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant <br />facts. To our knowledge, there were no such consultations with other accountants. <br />Other Audit Findings or Issues <br />We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with <br />management each year prior to retention as the Organization's auditors. However, these discussions occurred in the normal course <br />of our professional relationship and our responses were not a condition to our retention. <br />952.835.9090 • Fax 952.835.3261 <br />wnvw.aemepas.com <br />
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