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VLAWMO Annual Financial Report 2013
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VLAWMO Annual Financial Report 2013
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9/19/2019 2:34:24 PM
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8/12/2019 11:22:50 AM
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Finance Dept
Finance Category
Audit
Finance Number Identifier
VLAWMO Annual Financial Report 2013
Date
12/31/2013
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Compliance <br />As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we performed tests <br />of compliance with certain provisions of Minnesota statutes. However, the objective of our tests was not to provide an opinion on <br />compliance with such provisions. While our audit provides a reasonable basis for our opinion, it does not provide a legal <br />determination on the Organization's compliance with those requirements. We noted no instances of noncompliance with Minnesota <br />statutes. <br />Summary of Prior Year Findings <br />2012-003 Material audit adjustments <br />Condition: During our audit an adjustment was needed to record and reverse accounts payable. <br />Criteria: The financial statements are the responsibility of the Organization's management. <br />Current year status: No material audit adjustments were needed to adjust accounts payable. As a result, the finding was <br />eliminated in the current year. <br />Planned Scope and Timing of the Audit <br />We performed the audit according to the planned scope and timing. <br />Qualitative Aspects of Accounting Practices <br />Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by <br />the Organization are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of <br />existing policies was not changed during 2013. We noted no transactions entered into by the Organization during the year for which <br />there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in <br />the proper period. <br />Accounting estimates are an integral part of the financial statements prepared by management and are based on management's <br />knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are <br />particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting <br />them may differ significantly from those expected. The most sensitive estimates affecting the financial statements include depreciation <br />on capital assets and allocation of payroll. <br />• Management's estimate of depreciation is based on estimated useful lives of the assets. Depreciation is calculated using the <br />straight-line method. <br />• Allocations of gross wages and payroll benefits are approved by the Board of Directors within the Board of Director's budget <br />and are derived from each employee's estimated time to be spent servicing the respective functions of the Organization. <br />These allocations are also used in allocating accrued compensated absences payable. <br />We evaluated the key factors and assumptions used to develop these estimates in determining that they are reasonable in relation to the <br />financial statements taken as a whole. The disclosures in the financial statements are neutral, consistent, and clear. Certain financial <br />statement disclosures are particularly sensitive because of their significance to financial statement users. <br />Difficulties Encountered in Performing the Audit <br />We encountered no significant difficulties in dealing with management in performing our audit. <br />-4- <br />People <br />+Process. <br />Going <br />Beyondthe <br />Numbers <br />
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